BNDES Invests in VCP

BNDES Invests in VCP

Funds

Brazil’s development bank BNDES has agreed to invest up to BRL2.4bn in VCP, the pulp and paper unit of Votorantim. The spend is via BNDESPar, the investment arm of the development bank, which has approval to acquire BRL1.8bn in VCP preferred shares and BRL580m in convertible debentures issued by the unit. The move is designed to support VCP’s consolidation of a controlling stake in Aracruz. VCP Tuesday announced an agreement to acquire the Lorentzen family’s 28% stake in Aracruz, using financing

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