Joesley and Wesley Batista, the Brazilian meat tycoons who were embroiled in a corruption scandal last year, now find themselves in the middle of a bizarre pulp dispute with the heir to Indonesia’s Widjaja family.
A year ago, the Batista brothers agreed to sell Eldorado Brasil Celulose to Paper Excellence Group, a Netherlands-based company owned by Jackson Widjaja, the grandson of Indonesian mogul Eka Widjaja. The 15 billion-real ($4 billion) bid, seen as too rich even for larger Brazilian pulp rivals to match, came as a timely windfall for the Batistas, who were rushing to shed assets after bribery confessions rattled their JBS SA meat empire.
But early last month, the Batistas’ holding company J&F said it was ending the agreement after Paper Excellence missed a 12-month completion deadline. Widjaja’s company, which had already bought a 49.4 percent interest in Eldorado, would remain as a minority holder while the Brazilians would retain control, J&F said. Eldorado is run by Aguinaldo Ramos Filho, the 25-year -old nephew of Wesley and Joesley, who also has a seat on the JBS board.
Read more starting with ‘That prompted Paper Excellence to open an arbitration’ at….
Billionaire Versus Billionaire: Meat Kings Clash With Pulp Heir