Paper Excellence raises bid for Brazilian pulpmaker Fibria

Reuters
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By Carolina Mandl

SAO PAULO (Reuters) - Netherlands-Based Paper Excellence BV raised its bid to take over Brazilian pulpmaker Fibria Celulose SA to 71.50 reais per share, up from its first offer of 67 reais, a source with knowledge of the matter said on Thursday.

The offer was delivered on Wednesday, the source added, asking for anonymity because of the sensitivity of the matter. Paper Excellence, controlled by the Wijaya family, which also owns Asia Pulp & Paper Company Ltd., still has to present documents referring to the bid financing and offered a $1.2 billion (£0.8 billion) break-up fee to Fibria.

Paper Excellence declined to comment. Controlling shareholders Votorantim Participações and development bank BNDES did not immediately respond to requests for comment.

(Additional reporting by Tatiana Bautzer and Alberto Alerigi Jr.; Editing by Sandra Maler)

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