Indonesian Billionaire Wins in Court and Will Take Over 100% of Eldorado Brasil Pulp Mill, Owned by Batista Brothers

Written by Flavia Marinho

Published on 04/02/2021 at 10:14

Fábrica de celulose Eldorado Brasil/ Fonte: reprodução – Via Google

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J&F Group, Owned by the Batista Brothers, Is Set to Lose Rights Over the Pulp Mill in Três Lagoas to Billionaire Indonesian Jackson Widjaja

Yesterday (02/03) Eldorado Brasil Celulose confirmed it had received the ruling from the International Chamber of Commerce (ICC) in the arbitration proceeding initiated in September 2018. The decision from the French arbitration tribunal, by a 3-0 vote, determines that the J&F group, owned by the Batista brothers, will have to sell 100% of Eldorado Celulose, under the terms of the agreement made between the parties in 2017.

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Eldorado Brasil Celulose, prior to the ruling, was controlled by J&F, a holding owned by brothers Wesley and Joesley Batista, who also own, among other companies, the JBS meat processing plants. J&F and Paper Excellence held, respectively, 51% and 49% of the company’s capital. Now, Paper will hold 100% of Eldorado.

The case was brought to court by Paper Excellence in 2019 at the International Chamber of Commerce in arbitration, following disputes between the companies.

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Understand the Case

The J&F finalized the sale of Eldorado Celulose to Paper Excellence for R$ 15 billion, including R$ 7.5 billion in debt. The transaction took place in September 2017.

The company owned by the Indonesian billionaire was given one year to raise all the financing and complete the deal, in a contract that also required the company to renegotiate Eldorado Celulose’s debt with banks, which would release the collateral guarantees offered by the Batistas.

The purchase and sale agreement stipulated that if there was no solution to the issue by September 3, 2018, the Indonesian billionaire’s company would remain a minority stakeholder.

During this period, exchange rate changes and the price of pulp improved Eldorado’s equity value, and Paper Excellence claims the Batistas began to obstruct the settlement of debts.

Paper Excellence accuses the Batistas of acting in bad faith and not cooperating to release the guarantees. It also states that J&F wants to increase the agreed amount. At the time, Batistas’ advisors claimed that releasing the guarantees was an obligation of Paper Excellence.

Indonesian Billionaire Wins in Court and Will Take Over 100% of Eldorado Brasil Pulp Mill, Owned by Batista Brothers

J&F Group, Owned by the Batista Brothers, Is Set to Lose Rights Over the Pulp Mill in Três Lagoas to Billionaire Indonesian Jackson Widjaja

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A giant brown band visible from space, approximately 8,850 kilometers long, connected Africa to America in the Atlantic Ocean, and satellites revealed that it is neither land nor pollution, but the largest accumulation of seaweed in the world, which broke records in 2025.

Brazil filled the Northeast with wind turbines but now faces the side effect of 705 giant blades reaching the end of their lifespan by 2032 just in Rio Grande do Norte, while the world projects 43 million tons of waste by 2050.

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