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Financial News: FIBRIA: Suzano Offers R$ 35 Billion In Cash

FIBRIA: Suzano Offers R$ 35 Billion In Cash And Stock To Buy The Company

03/19/2018 - 12:41:00 (RTTNews)

(RTTNews) - Brazilian papermill Suzano Papel e Celulose reached an agreement to buy Fibria in a cash and stock transaction that values the company at R$ 63.29 per share, or R$ 35 billion, based on the closing price of Suzano's stock.

The deal, which requires approval from both companies' shareholders, represents an 11.5% discount to Fibria's closing price on Thursday. Fibria shareholders would receive R$ 52.50 (US$ 15.98) and 0.4611 of Suzano's share per stock.

BNDESPar, the investment arm of the Brazilian Development Bank (BNDES), holds a 29.42% stake in Fibria, while Votorantim holds another 29.42% of the company. The remaining 41.34% are freely traded in stock markets.

In a statement, Fibria said that the holders of American Depositary Receipts (ADRs) should receive the ADRs of Suzano, subject to the same exchange ratio.

The cash portion of the payment could change depending on payments to shareholders, except for the dividends of Suzano and Fibria already disclosed to the market.

The operation is still subject to the approval of competition authorities in Brazil and abroad and, if restricted, can cause Suzano to pay a R$ 750 million fine.

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