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JBS’ holding company buys part in Eldorado

J&F, the holding company which controls JBS and which has announced it is not buying the construction company Delta, has bought a share in paper and pulp company Eldorado, form Mário Celso Lopes. The deal was done on May 15. "Mário Celso has left the company. We bought his 25% share,” says Joesley Batista, president of J&F. "He was a minority shareholder and his track record is to invest in something and get out."

The pension funds Petros and Funcef remain in the company, according to Batista. Lopes has confirmed the sale, despite saying, "It’s only sold when you get paid. And I have not received anything. "

Under the agreement, as monthly payments are made, shares will be transferred. Lopes says a confidentiality agreement prevents him from disclosing the amount paid. The monthly payments, which begin on June 15, shall extend for two years. Lopes also says that his departure is related to the company's plans. "To have an IPO or a sale, it is easier with fewer owners."

Information provided by Folha de S. Paulo

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