This excerpt taken from the VCP 20-F filed Oct 28, 2009.
The benefits that are expected to be achieved from operating VCP and Aracruz as a combined enterprise may not be achieved.
Although VCP expects that the merger will produce substantial synergies, the integration of two large companies presents significant challenges to management. No assurance can be given that VCP and Aracruz will be able to integrate their operations without encountering difficulties, which may include, among other things, the loss of key employees, the disruption of their respective ongoing businesses or possible inconsistencies in standards, procedures and policies. There can also be no assurance as to the extent to which VCP will be able to produce the synergies that we anticipate from the merger, or as to the timing for their realization, or as to the expenses that will be incurred in connection with realizing synergy benefits from the merger. In particular, it may be difficult for VCP to realize anticipated cost savings from the merger of the two companies production facilities. It may also be difficult for VCP to realize anticipated synergy benefits from the joint acquisition of raw materials, sharing of improved production techniques and integration of administrative departments. Moreover, possible actions by antitrust authorities could limit or eliminate our ability to integrate our business operations with those of Aracruz and achieve synergies.