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A year ago, when families Feffer and Ermírio de Moraes decided to resume negotiations for the merger between Suzano and Fibria, there was only one certainty at the table: Suzano would be the protagonist of the company. But the talks to create the giant, with combined revenues of $ 32 billion, were almost overthrown by Asian Paper Excellence (PE), which had bought Eldorado from the Batista brothers several months earlier.
It was the most tense moment in history. resumed in the first weeks of January 2018, with the approval of the two main shareholders of Fibria: the Votorantim group of the family Ermírio de Moraes and the National Bank for Economic and Social Development (BNDES)
Suzano merges with Fibria Movements R $ 30.8 billion
The initial proposal of Suzano officialized on February 7, provided for the combination of badets with a stock exchange and a monetary exchange ratio
] David Feffer, chairman of the board of directors, was willing to place Fibria in the company's controlling block, but the company's shareholders preferred to be paid in cash to gain more weight in the company's future decisions.
By Suzano, the negotiations were conducted by the executive Walter Schalka chairman of the company, and Nildemar Secches (ex-Perdigão), advisor to the company. On the other side of the table were João Miranda, President of Votorantim, João Schmidt, CFO of the group, and Eliane Lustosa, Director of BNDES
. The agreement was reached despite BTG Pactual, who had advised the Asian PE group, proposed to pay Fibria in cash. Suzano threatened to abandon the negotiations, saying the sellers were "double playing" to increase the value of the deal, according to sources close to the case.
The war of nerves lasted until March. when the agreement has been announced. The absence of EP guarantees to finance the purchase has finally reopened the possibility for Suzano to close a transaction to manage 30.8 billion pounds in cash, in addition to the 255 million shares delivered to Fibria shareholders. The Votorantim group holds 5.6% of the new company and BNDES 11%.
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