The recent merger between Fibria (NYSE:FBR) and Suzano (OTCPK:SUZBY) is probably the single largest corporate event in the last decade of Brazilian silviculture. Not necessarily the most groundbreaking, but the sheer size of the transaction will create a behemoth in both hectares, capacity, and financials.
In this edition we look at how the deal proceeded, the terms, the opportunity for arbitrage, and the several intricacies related to the deal. We look at the role of BNDES, the Paper Excellence offer, the Votorantim stake, and the other deal specifics.
Having an understanding