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.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.