Eldorado Cellulose announced, on Wednesday evening, that the Federal Regional Court (TRF) of the Fourth District decided to suspend the transfer of shares related to the participation of J&F, the holding company of the Batista brothers, in the pulp company to the Dutch company Paper Excellence, according to a relevant fact.
The company, one of Brazil's largest pulp producers, has been at the center of a corporate dispute since Paper Excellence, controlled by Indonesia's Asia Pulp & Paper, reached an agreement with J&F to buy Eldorado for R$15 billion in 2017.
According to the relevant fact, the transfer of Eldorado shares owned by J&F to Paper Excellence was suspended until the Incra and the National Congress provided permissions under the Alien Land Transfer Laws.
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The TRF decision, according to El Dorado, also suspends the arbitration award that created a “coordinating body in the company.”
“The management system of Eldorado shall be as provided in the S/A and in accordance with the current corporate composition and deliberative bodies,” the TRF decision states, according to Eldorado.
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