The sale of Eldorado Celulose is expected to yield approximately R$ 6 billion to the Batista brothers.
The sale of Eldorado Celulose, owned by the J&F group, to the Dutch company Paper Excellence for R$ 15 billion, is expected to yield approximately R$ 6 billion for brothers Wesley and Joesley Batista, who control J&F. Initially, the Dutch company is expected to hold between 30% and 35% of Eldorado's capital, belonging to the Batista brothers, who should receive around R$ 4,5 billion from the transaction. Eldorado is the third company in the group to be sold, after Alpargatas and Vigor, following the plea bargains of the group's executives.
247 - The sale of Eldorado Celulose, from the J&F group, to the Dutch company Paper Excellence for R$ 15 billion, is expected to yield approximately R$ 6 billion for brothers Wesley and Joesley Batista, who control J&F. Eldorado is the third company in the group to be sold, following Alpargatas and Vigor, in the wake of plea bargains made by the group's executives.
The transfer of all shares to Paper Excellence is expected to take place within a year. Initially, the Dutch company is expected to hold between 30% and 35% of Eldorado's capital, belonging to the Batista brothers, who should receive approximately R$ 4,5 billion from the transaction.
To acquire all the shares, Paper Excellence will also have to buy the shares held by pension funds. The Petros and Funcef funds own 17% of the company, and the private fund FIP Olímpia owns the remaining 2%.