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APP Denies Plan to Buy Eldorado Brasil

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Jakarta Post (8/29/2017)

Asia Pulp & Paper and its parent Sinar Mas Group denied they were planning to buy pulp maker Eldorado Brasil Celulose, which is up for sale after its controlling shareholders got ensnared in Brazil's worst corruption probe.

Two people familiar with the situation told Reuters on Sunday (8/27/2017) that APP is in advanced talks to buy control of Eldorado Brasil.

O Globo newspaper had first reported APP's talks earlier in the day.

"We would like to inform you that Asia Pulp and Paper is not acquiring Eldorado Brasil. However, Brazil remains an important market for us and we may explore the possibilities of further investment in the future," APP said in a statement.

Gandi Sulistiyanto, managing director of Sinar Mas, denied in a telephone text message that there was a plan to buy the company and pointed to the APP statement.

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