Paper excellence announced that the arbitration court of the International Chamber of Commerce (ICC) of Brazil had ruled in support of paper excellence in the case of J & F investmentos SA (the parent company of Eldorado Brasil Celulose). According to the ruling, paper excellence can continue to acquire all the remaining shares of Eldorado Brasil. After the acquisition, it will hold 100% of Eldorado.

       Paper excellence is affiliated to Indonesia app, the world's largest papermaking enterprise. It was registered in the Netherlands in 2008, specializing in the production of wood pulp for papermaking, and has production plants in Canada, France and other places. With pulp and paper mills in Canada and France, and with the merger of Eldorado, paper excellence will have about 7000 employees worldwide and an annual capacity of 5.3 million tons of pulp and paper.

      Eldorado has a pulp mill in tr ê s Lagoas, South Mato Grosso, Brazil, which produced 1.8 million tons of pulp in 2019, according to paper excellence. The brand of the company's wood pulp products is "bull", 90% of which are exported, about half of which are exported to the Chinese market. According to the company's plan, a pulp line with an annual output of 2.5 million tons will be built in the future, making the total capacity exceed 4 million tons. In addition, according to the company's past reports, the company has about 50 million hectares of Eucalyptus forest reserves in Brazil.

         No matter for paper excellence or Eldorado, the Chinese market is a very important region. According to the public data of the State Administration of market supervision and administration, in the year before the agreement was reached, the global turnover of Eldorado in 2016 was 5.65 billion yuan, and that of China was 1.75 billion yuan. In 2016, the global turnover of paper excellence was RMB 9.03 billion, and that of China was RMB 2.91 billion.

          Although the acquisition has not yet been completed, the State Administration of market supervision and administration of China once assessed the impact of the acquisition on market competition in 2018. The assessment concluded that the concentration of operators will not have the effect of excluding and restricting competition.