SAO PAULO, Aug 29 (Reuters) - Brazilian conglomerate J&F Investimentos SA and Netherlands-based Paper Excellence are disagreeing on the final price for pulpmaker Eldorado Brasil Celulose SA, local newspapers reported on Wednesday citing unnamed sources.
Under the terms of the contract, the parties were expected to close the transaction by Sept. 2 at the price agreed upon nearly a year ago, the reports said. Paper Excellence, controlled by the owners of Indonesia’s Asia Pulp & Paper Co Ltd, agreed to buy Eldorado for 15 billion reais ($3.61 billion).
But now J&F wants a higher price for Eldorado, considering the local currency devaluation and rise in international pulp prices, newspapers O Estado de S. Paulo and Valor Economico reported. The reports said the parties may take the dispute to arbitration court.
J&F and Paper Excellence did not have an immediate comment.($1 = 4.1535 reais) (Reporting by Ana Mano and Tatiana Bautzer Editing by Bill Trott)