RIO DE JANEIRO, BRAZIL - Netherlands-based Paper Excellence BV has won an arbitration case against Brazilian group J&F Investimentos SA to complete the acquisition of paper mill Eldorado Brasil Celulose SA, two sources with knowledge of the matter said on Wednesday, February 4th.
The arbitration decision demands that Paper Excellence frees up collateral owned by J&F before closing the deal, the people said.
The dispute over Eldorado began in September 2018, when billionaire brothers Joesley and Wesley Batista, owners of Eldorado and behemoth meatpacker JBS SA, canceled the sale to Paper Excellence.
J&F Investimentos . . .