Brazil-based reforestation investment fund Vale Florestar to become wholly-owned by Suzano Papel e Celulose; mining company Vale to sell its stake for 205M reais, other shareholders agree to divest stakes to Suzano
June 6, 2014
– Vale informs that it has signed an agreement with a subsidiary of Suzano Papel e Celulose, a company that produces eucalyptus pulp, for the sale of its entire stake in Vale Florestar Fundo de Investimento em ParticipacOes for R$ 205 million.
BNDESPar, Petros and FUNCEF, other shareholders of the FIP Vale Florestar, will also divest their stakes in Suzano. Upon completion of the transaction, FIP Vale Florestar will be held exclusively by Suzano.
The FIP Vale Florestar is a fund for investment in reforestation, which operates in the municipalities of Dom Eliseu, Ulianopolis, Paragominas, Rondon do Para, Abel Figueiredo and Bom Jesus do Tocantins, located in the state of Para, Brazil. It has planted more than 45 thousand hectares of eucalyptus in degraded lands. Additionally, it has protected and recovered about 95 thousand hectares of native forests.
The completion of this transaction is subject to fulfillment of conditions precedent and approvals, including by the Conselho Administrativo de Defesa Economica (CADE).
The transaction is consistent with Vale's strategy to prioritize investment in strategic world class assets and constitutes a further step in the portfolio simplification process.
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