Batista brothers suffer setback in SP court decision – 07/19/2023 – Panel SA

The Special Group of the Court of Justice of São Paulo ruled in favor of Paper Excellence in the conflict involving the purchase of control of Eldorado, the Batista brothers’ pulp company.

The majority of judges decided, this Wednesday (19), to maintain the decision of the first instance, which determined the transfer of shares from J&F to Paper.

Through its advisory, the company informed that it will wait for the publication of the judgment to take the appropriate legal measures.

The judicial dispute had been paralyzed for more than a year due to a discussion on the conflict of competence between magistrates.

It was also decided that the rapporteur for the appeals involving the corporate conflict is José Benedito Franco de Godoi and not Alexandre Lazzarini, as maintained by J&F.

Franco de Godoi had already judged an appeal by J&F, controller of Eldorado, upholding the first instance sentence, but the effects of his decision were suspended in view of the discussion that lasted in court over who would be the competent judge.

Now it will be up to J&F to appeal to the TJ Chamber to try to stop the deal, which, at the time, involved R$ 15 billion.

In a note, J&F said it will continue to reiterate the invalidity of the sentence, since all processes were suspended.

“The sentence was handed down by the judge even during the suspension of the process, which makes it undue, in addition to being contrary to the order issued by the Special Group appointed by the Full Court”, says the company.

With Diego Felix

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