March 8, 2018 / 3:48 PM / in 10 months

BNDES president confirms Brazil pulpmakers' tie-up talks -report

SAO PAULO, March 8 (Reuters) - Brazilian pulp producers Fibria Celulose SA and Suzano Papel e Celulose SA are close to announcing a tie-up, newspaper Valor Economico reported on Thursday.

A report on the newspaper’s website said Paulo Rabello de Castro, president of state development bank BNDES, which is a key shareholder in both companies, confirmed the ongoing talks: “We have been working to bring together these two giants.”

Shares of both companies rose about 5 percent in early afternoon trading in Sao Paulo following the report. (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama)

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