Suzano Papel e Celulose’s $2.7 Billion Merger with Fibria Celulose

Cleary Gottlieb Steen & Hamilton, Cescon, Barrieu, Flesch & Barreto, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, TozziniFreire, Clifford Chance and Machado, Meyer, Sendacz e Opice advised on the deal

Suzano and its controlling shareholders entered into a voting agreement with Fibria’s controlling shareholders, Votorantim S.A. and BNDES Participações S.A. – BNDESPAR, pursuant to which the parties agree to combine the operations of Suzano and Fibria by means of a corporate reorganization in which Fibria will become a wholly-owned subsidiary of Suzano, and Fibria’s shareholders will receive a combination of cash and newly-issued common shares of Suzano on the closing date of the merger.

Suzano has also executed binding financing commitments with certain international financial institutions (namely: JP Morgan, BNP Paribas, Mizuho Bank and Rabobank) of up to BRL9.2 billion to finance part of the cash payment and exports of the two companies.

The transaction is subject to approval by the board of directors and the shareholders’ meetings of Suzano and Fibria. The closing of the transaction is also subject to certain conditions, including the approval by antitrust authorities and the listing of Suzano’s American Depositary Receipts (ADRs) on the New York Stock Exchange.

Suzano Papel e Celulose S.A. produces and sells bleached eucalyptus kraft pulp and printing and writing paper. The company, led by

Walter Schalka, Marcelo Feriozzi Bacci and Fabio Luiz Novoa Prado, in 2017 recoreded $3.27 Billion Revenues.

Cleary Gottlieb Steen & Hamilton advised Suzano Papel e Celulose S.A. with Juan Giráldez (Picture), Amy Shapiro, Nicolas Grabar, Brian Byrne, Christopher Cook, Daniel Culley, Michael Dayan, Penélope Christophorou, Cunzhen Huang, Jonathan Mendes de Oliveira, Jessica McBride, Paula Seabra Carvalho Reis, Andrea Lavourinha, Ryan Davis, Sibylle Vieille-Cessay, Konstantin Bondarenko, Igor Kleyman, Alex Young-Anglim, Phillip Hurst, David Stuckey and Ellen Campbell.

Cescon, Barrieu, Flesch & Barreto advised Suzano Papel e Celulose S.A. with Maria Cristina Cescon and Darkson Galvão.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados advised Fibria Celulose S.A. with Hiram Pagano, Moacir Zilbovicius, Marcio Dias Soares, Amadeu Carvalhaes Ribeiro, Amanda Felten de Caires, Ana Carolina Estevão and Raphaela Boffe Palma.

TozziniFreire Advogados advised Votorantim (FIbria’s Shareholder) with Mauro E. Guizeline, Francisco Eumene Machado de Oliveira Neto anmd Gustavo de Souza Mattos.

Clifford Chance advised JP Morgan, BNP Paribas, Mizuho Bank and Rabobank with Anthony Oldfield, Christopher Willot and Jeffrey Susskind.

Machado, Meyer, Sendacz e Opice advised JP Morgan, BNP Paribas, Mizuho Bank and Rabobank with Adriano Schnur G. Ferreira, Paulo Markossian Nunes and Lucas Baptistella Henriques.

 

Involved fees earner: Maria Cristina Cescon – Cescon, Barrieu, Flesch & Barreto; Darkson Delmondes Galvão – Cescon, Barrieu, Flesch & Barreto; Mauro Guizeline – Tozzini Freire ; Francisco Eumene Machado de Oliveira Neto – Tozzini Freire ; Hiram Bandeira Pagano Filho – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Moacir Zilbovicius – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Amanda Felten de Caires – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Marcio Dias Soares – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Amadeu Carvalhaes Ribeiro – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Ana Carolina Estevão – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Raphaela Boffe Palma – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Adriano Schnur Gabriel Ferreira – Machado, Meyer, Sendacz e Opice; Paulo Markossian Nunes – Machado, Meyer, Sendacz e Opice; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Amy Shapiro – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Jonathan Mendes de Oliveira – Cleary Gottlieb Steen & Hamilton; Paula Seabra Carvalho Reis – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Brian Byrne – Cleary Gottlieb Steen & Hamilton; Christopher Cook – Cleary Gottlieb Steen & Hamilton; Daniel Culley – Cleary Gottlieb Steen & Hamilton; Cunzhen Huang – Cleary Gottlieb Steen & Hamilton; Ryan Davis – Cleary Gottlieb Steen & Hamilton; Sibylle Vieille?Cessay – Cleary Gottlieb Steen & Hamilton; Konstantin Bondarenko – Cleary Gottlieb Steen & Hamilton; Michael Dayan – Cleary Gottlieb Steen & Hamilton; Penelope Christophorou – Cleary Gottlieb Steen & Hamilton; Jessica McBride – Cleary Gottlieb Steen & Hamilton; Alexander Young?Anglim – Cleary Gottlieb Steen & Hamilton; Phillip Hurst – Cleary Gottlieb Steen & Hamilton; David Stuckey – Cleary Gottlieb Steen & Hamilton; Anthony Oldfield – Clifford Chance; Chris Willott – Clifford Chance; Jeffrey Susskind – Clifford Chance;

Law Firms: Cescon, Barrieu, Flesch & Barreto; Tozzini Freire ; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Machado, Meyer, Sendacz e Opice; Cleary Gottlieb Steen & Hamilton; Clifford Chance;

Clients: BNP Paribas; JP Morgan; Mizuho; Rabobank; Suzano Papel e Celulose S.A.; Votorantim S.A.; Fibria Celulose S.A.;

 

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Author: Ambrogio Visconti.