A battle is ongoing in the world of pulp production as two giants, Suzano and APP/Paper Excellence, fight over Fibria, the world’s largest producer of eucalyptus pulp. In these battles, price tends to be the determining factor, but we urge Fibria’s shareholders, as well as the investors in this deal, to also take sustainability commitments into account. The winning buyer should commit to further strengthen Fibria’s performance on social, environmental and governance (ESG) issues. Failing to do so will expose shareholders and financiers to both financial as well as reputational risk.