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ARACRUZ CELULOSE S.A. ANNOUNCES 10 MILLION AMERICAN DEPOSITARY SHARES INITIAL PUBLIC OFFERING

 ARACRUZ CELULOSE S.A. ANNOUNCES 10 MILLION AMERICAN
 DEPOSITARY SHARES INITIAL PUBLIC OFFERING
 RIO DE JANEIRO, RJ, Brazil, May 7 /PRNewswire/ -- Aracruz Celulose S.A. today announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the initial public offering of 10 million American Depositary Shares (ADSs) representing 50 million shares of the company's non-voting acoes preferenciais classe B (Class B stock).
 It is anticipated that the offering will be made in May 1992. The ADSs have been approved for listing on the New York Stock Exchange under the symbol "ARA," subject to notice of official issuance.
 The ADSs are being sold in concurrent offerings of 7 million ADSs (representing 35 million shares of Class B stock) in the United States and Canada through a syndicate of U.S. underwriters led by Salomon Brothers Inc, and co-led by Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated and 3 million ADSs (representing 15 million shares of Class B stock) through a syndicate of international underwriters led by Salomon Brothers International Limited, and co-led by Goldman Sachs International Limited and Morgan Stanley International. In addition, 20 million shares of Class B stock are simultaneously being offered in Brazil through a group of Brazilian underwriters led by Banco Bradesco de Investimentos S.A., BNDES Participacoes S.A. and Banco Safra, S.A. Salomon Brothers Inc will act as the global coordinator of the ADS offering.
 Aracruz Celulose is the world's largest producer of bleached eucalyptus kraft market pulp. During 1991, approximately 82 percent of the company's revenues were earned on sales to customers located outside Brazil, principally in North America and Western Europe. "Market pulp" is pulp sold to third party producers of paper products, as distinct from pulp produced for use in an integrated paper production facility. "Kraft pulp" is pulp produced in a chemical process using sulphate. Eucalyptus pulp is a high quality form of hardwood pulp used by paper manufacturers to produce a wide range of products, including premium tissue, printing and writing papers, liquid packaging board and specialty and photographic papers.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 5/7/92
 /CONTACT: Mauro Molchansky, CFO of Aracruz Celulose S.A., 55-21-541-6637/ CO: Aracruz Celulose S.A. ST: IN: PAP SU: OFR


CK -- NY039 -- 7506 05/07/92 10:13 EDT
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Publication:PR Newswire
Date:May 7, 1992
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