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Votorantim Celulose e Papel SA & Investor Group	Update Date: 02/13/09
Date Announced: 01/20/09
Value (million $USD): 1.36 billion U.S. Dollar 3.20 billion Brazilian Real

Status: Pending

TRANSACTION DETAILS
Date Announced	01/20/09
Date Originally Announced	01/20/09
Format	Acq. Part. Int.	Acquisition techniques	Acquiror is an Investor G; Privately Negotiated Purc
Attitude	Friendly	Agency	n/a
Value	1.36 billion U.S. Dollar 3.20 billion Brazilian Real	Advisor Fees	n/a

SYNOPSIS

BRAZIL - An investor group, comprised of Bndes Participacoes SA, a unit of state-owned Banco Nacional de Desenvolvimento Economico, Votorantim Industrial SA and Arainvest Participacoes SA, a unit of Grupos Safra SA, agreed to acquire a 47.242% stake or 180.303 mil new shares, including 62.105 mil ordinary shares and 106.317 mil preference shares, in Votorantim Celulose e Papel SA (VC), a manufacturer of paper products, and a unit of Grupo Votorantim, for 19 Brazilian reais ($8.051 US) per share, or a total value of 3.2 bil reais ($1.355 bil). Previously, VC agreed to raise its stake to 24.744% from 12.372% in Aracruz Celulose SA (AC) and subsequently raise its stake to 37.11% from 24.744%. Concurrently, VC agreed to raise its stake to 42.636% from 37.117% in AC and subsequently raise its stake to 44.141% from 42.636%. Additionally, VC agreed to acquire the remaining 55.859% interest which it did not already own in AC.

TARGET
Name	Votorantim Celulose e Papel SA (VCP)
Industries	Paper mills; Converted paper and paperboard products, nec
City	Sao Paulo
State	n/a
Nation	Brazil
Incorporated in	n/a
Public Status	Public
Business Description	Votorantim Celulose e Papel SA, located in Sao Paolo, Brazil, manufacture paper products such as coated and uncoated printing and writing paper, thermal and carbonless paper and other specialty papers. The company also has activities in forestry management and exploration. It has four mills, located in the state of Sao Paulo. The company was founded in 1925.
Advisors	Banco Santander de Negocios SA; Estater Gestao e Financas
Target Sales	1.53 billion U.S. Dollar 2.95 billion Brazilian Real

ACQUIROR
Name	Investor Group
Industries	n/a
City	n/a
State	n/a
Nation	Brazil
Incorporated in	n/a
Public Status	Private
Business Description	Investor group
Advisors	NULL
Acquiror Sales	n/a

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