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    JBSS3   BRJBSSACNOR8

JBS S.A.

(JBSS3)
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Delayed Bolsa de Valores de Sao Paulo  -  04:07 2022-09-30 pm EDT
25.12 BRL   -0.79%
09/27Smithfield Foods to pay $75 million in pork price-fixing settlement
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09/26U.S. plans rule to protect livestock farmers from company retaliation
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09/21JBS S.A. Appoints Jason Weller as Global Chief Sustainability Officer
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Paper Excellence and J&F remain at odds over Eldorado deal after court ruling

07/30/2022 | 09:40am EDT

SAO PAULO (Reuters) - Canada's Paper Excellence said it had been authorized by a Brazilian court to conclude the acquisition of outstanding shares of Brazilian pulpmaker Eldorado Brasil Celulose, a statement immediately challenged by Eldorado's majority owner.

The move is the latest in a long-running legal wrangle over Eldorado, dating back to an original deal signed in 2017 but never finalized. Since then the two parties have been in dispute over the price of the deal and the right to conclude it.

In a statement issued late on Friday, Paper Excellence said Judge Renata Maciel had agreed with an arbitration panel that decided last year that the company, which owns 49.4% of Eldorado, may acquire the remaining stake to reach 100%.

It said the judge had decided the arbitration was correct in giving Paper Excellence the right to complete the acquisition and dismissed arguments to the contrary from Eldorado's majority owner, holding company J&F Investments.

The arbitration had mandated that the full deal be priced at 15 billion reais ($2.9 billion), as set forth in the original sale contract.

However J&F said it was "surprised" by the judge's decision because it had obtained a decision from an appeal court suspending the lower court proceedings.

In a statement, J&F - which also controls listed food processor JBS SA - said the latest court decision is "void" and ignores evidence regarding the arbitration proceeding.

Paper Excellence CEO in Brazil, Claudio Cotrim, said the Canadian company would consider a potential capacity expansion of Eldorado, based in the mid-western state of Mato Grosso do Sul.

Since the Eldorado acquisition, signed in 2017 but never finalized, Paper Excellence has acquired control of U.S. companies Resolute Forest Products and Domtar. In 2019 it bought Canada's Catalyst Paper.

($1 = 5.1724 reais)

(Reporting by Tatiana Bautzer; Editing by David Holmes)

By Tatiana Bautzer


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.07% 5.3079 Delayed Quote.-16.26%
JBS S.A. -0.79% 25.12 Delayed Quote.-33.28%
RESOLUTE FOREST PRODUCTS INC. -0.05% 20 Delayed Quote.30.98%
All news about JBS S.A.
09/27Smithfield Foods to pay $75 million in pork price-fixing settlement
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09/26U.S. plans rule to protect livestock farmers from company retaliation
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09/21JBS S.A. Appoints Jason Weller as Global Chief Sustainability Officer
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09/13Jbs S A : Comunicado ao Mercado
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09/05JBS S.A.(BOVESPA:JBSS3) added to Brazil Valor BM&FBOVESPA Index
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08/30Brazilian food processor BRF CEO resigns, shares close lower
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08/30Brazilian food processor BRF CEO resigns, shares close lower
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08/16JBS S.A. Appoints Michael Koenig as Chief Ethics & Compliance Officer
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08/12Asian demand for beef to remain strong as per-capita consumption still low - JBS
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08/12Transcript : JBS S.A., JBS USA LLC, Q2 2022 Earnings Call, Aug 12, 2022
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Analyst Recommendations on JBS S.A.
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Financials
Sales 2022 380 B 70 269 M 70 269 M
Net income 2022 15 511 M 2 866 M 2 866 M
Net Debt 2022 64 975 M 12 005 M 12 005 M
P/E ratio 2022 3,35x
Yield 2022 6,89%
Capitalization 55 719 M 10 295 M 10 295 M
EV / Sales 2022 0,32x
EV / Sales 2023 0,28x
Nbr of Employees 250 000
Free-Float 37,3%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 25,12 BRL
Average target price 50,75 BRL
Spread / Average Target 102%
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Managers and Directors
Gilberto Tomazoni Chief Executive & Operating Officer
Guilherme Perboyre Cavalcanti Chief Financial & Investor Relations Officer
Jeremiah Alphonsus O'Callaghan Chairman
Michael Koenig Chief Ethics & Compliance Officer
Eliseo Santiago Perez Fernandez Director-Administration & Control
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