Suzano Papel e Celulose and Fibria took another step towards materializing their merger announced on March 16. At meetings held on Thursday in São Paulo and Salvador, shareholders of both pulp and paper producers approved the transaction, which now depends on the endorsement of regulatory agencies in Brazil and Europe. The merger with Suzano was approved by 84% of Fibria’s shareholders, not considering abstentions, while part of minority holders voted against the deal. They have been criticizing the transaction’s structure and tried to postpone the meeting, but the request was rejected by the Securities and Exchange Commission of Brazil (CVM).
Source: Valor – International