Suzano Papel e Celulose S.A. (BOVESPA:SUZB3) made an offer to acquire Fibria Celulose S.A. (BOVESPA:FIBR3) from Votorantim Participações S.A., BNDES Participações S.A. - BNDESPAR and other shareholders for BRL 33.7 billion during the weekend ending on March 11, 2018. Suzano Papel e Celulose S.A. (BOVESPA:SUZB3) signed an agreement to acquire Fibria Celulose S.A. (BOVESPA:FIBR3) from Votorantim Participações S.A., BNDES Participações S.A. - BNDESPAR and other shareholders for BRL 33.7 billion on March 15, 2018. As part of transaction, Fibria Celulose shareholders will receive BRL 52.5 per share in cash and 0.4611 shares of Suzano for every share they hold in Fibria. As of January 2, 2019, the exchange ratio was adjusted from 0.4611 to 0.4613 and cash offer per share adjusted from BRL 52.5 to BRL 50.20. Suzano Papel arranged a financing commitment of $9.2 billion (BRL 30.22 billion) from Citigroup, J.P. Morgan, Bank of America, BNP Paribas and Santander to fund the acquisition. As of June 26, 2018, the Board of Directors of Suzano Papel e Celulose approved the issue of debentures to the value of BRL 4.68 billion, net proceeds of which will be entirely used for payment of cash portion of the acquisition of all the common shares of Fibria. After the completion of the transaction, Fibria Celulose and Suzano shall continue to engage in their activities, with Suzano’s registration as a publicly-held company to be maintained and with Fibria Celulose becoming a wholly-owned subsidiary of Suzano.  According to the terms of the agreement, in the event burdensome restrictions are imposed by the antitrust authorities in Brazil and / or in other jurisdictions, Suzano is not able to close the transaction, Suzano will pay to Fibria a break-up fee equivalent to BRL 750 million. Upon closing of the transaction, the shares and ADRs issued by Fibria will cease to be traded on B3 S.A. and New York Stock Exchange, respectively. The controlling shareholders of Fibria Celulose, BNDES Participações S.A. - BNDESPAR and Votorantim Participações S.A. have decided in favor of Suzano's proposal and agreed to the offer. An escape clause in the deal would allow Suzano to call it off if regulators force the sale of more than 1.1 million tonnes of capacity. The transaction is subject to approval by the Board of Directors and the shareholders’ meetings of Suzano and Fibria, listing of Suzano’s American Depositary Receipts on the New York Stock Exchange, obtaining the declaration of effectiveness by the Securities and Exchange Commission of the United States of America (SEC) of the registration statement filed by SUZANO with SEC for purposes of calling, holding and approving the transaction at the general shareholders’ meeting of Fibria Celulose and of Suzano, approval by anti-trust authorities in Brazil, the United States, the European Union and China, also approval from regulatory authorities including Agência Nacional de Transportes Aquaviários (ANTAQ). As of March 27, 2018, the transaction was approved by the Board of Fibria Celulose. As of May 31, 2018, the United States Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The closing of the transaction is still subject to the fulfillment of other conditions precedent, including the approval by certain antitrust authorities in Brazil and abroad. BNDES Participações and Votorantim Participações have approved the consolidation of Suzano and Fibria. As of July 23, 2018, the transaction was approved by the Audit Board meeting and Board of Directors’ meeting of Suzano. As of July 26, 2018, the Board of Directors of Fibria Celulose approved the signing of the protocol and justification between Fibria Celulose and Suzano. As of August 31, 2018, the transaction is approved by State Administration for Market Regulation of China. On September 6, 2018, the transaction has been approved by the Turkish Competition authority. As of September 13, 2018, shareholders of Suzano and Fibria approved the transaction. As on October 10, 2018, Suzano filed the request with European Commission to review the transaction and the provisional deadline has been set as November 15, 2018, by the European Commission. As of October 11, 2018, the transaction is approved by the Administrative Council for Economic Defense (CADE) without restrictions. As of November 29, 2018, the transaction is approved by European Commission. Therefore, all precedent conditions are fulfilled. As of December 21, 2018, the transaction is expected to be completed on January 14, 2019. Morgan Stanley acted as financial advisor for Votorantim Participações S.A. Juan G. Girálde and Nicolas Grabar of Cleary Gottlieb Steen & Hamilton LLP and Souza, Cescon, Barrieu & Flesch Advogados acted as legal advisors and Banco J.P. Morgan S.A. acted as financial advisor for Suzano. Andrea Fuga and Roberta Tedesco of Ernst & Young Assessoria Empresarial Ltda. and PricewaterhouseCoopers Auditores Independentes acted as accountants for Suzano. Glass Lewis advised Fibria shareholders to approve the proposal at the EGM scheduled on September 13, 2018. Michael Egge, Rita Motta and Javier Ruiz Calzado of Latham & Watkins LLP acted as legal advisor to Votorantim Group. Suzano Papel e Celulose S.A. (BOVESPA:SUZB3) completed the acquisition of Fibria Celulose S.A. (BOVESPA:FIBR3) from Votorantim Participações S.A., BNDES Participações S.A. - BNDESPAR and other shareholders on January 14, 2019. The transaction has been approved by the antitrust authorities of United States, China, Turkey, Europe and Brazil. Fibria Celulose's new trade name will be Suzano.