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VCP Lands Aracruz Stake on New Terms

Jan 21, 2009

Votorantim is set to become the main shareholder in Aracruz, the region’s largest pulp and paper company, after sealing a BRL2.7bn deal that had been hanging in the balance. Voto’s VCP unit is acquiring a 28% stake in the embattled Aracruz from the Lorentzen family after more than 5 months of delay. The deal announced yesterday was set to close in October, but froze after Aracruz’s announcement of a $1bn loss stemming from FX derivatives. The 28% stake...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management