Paper Excellence takes 13% from Eldorado this week

The first step of the sale from Eldorado to the Paper Excellence (PE) will be completed earlier this week and will comprise 13% of the cellulose manufacturer held directly by the Group J&F. The conclusion of this first part occurs after the due diligence procedure, which comes to an end despite the mishaps with the arrest of Joesley and Wesley Batista.
Then, in October, is scheduled the closure of a second phase of the process, with the sale of shares of the pension funds of the employees of Petrobras and Caixa Economica Federal, Petros and Funcef, which hold about 17 percent of the company. The funds have already signaled that they will sell their slices together, attracted by the high value of the transaction, which evaluates the Eldorado in R $15 billion. If the funds don't let the business, the J&F will negotiate an additional slice. Already the remaining manufacturer of cellulose will be sold by the family to Baptist Paper Excellence in up to 12 months. Sought, the Group J & F, Petros and Funcef had no comment.