Portuguese paper magnate dies on yacht

The Portuguese paper king Pedro Queiroz Pereira, whose Navigator printer paper is sold all over the world, has died on his yacht off Ibiza.

The entrepreneur, worth nearly €80 million, suffered a heart attack late on Saturday evening.

Last week shares of The Navigator Company, which sells 10% of its paper products to the United States, suffered a tumble after US tariffs were slapped on the company’s imports.

Queiroz Pereira headed the Semapa group, which owns Navigator (paper) and Secil  (plasters and building putties), as well as other companies.

The magnate collapsed on stairs on his 30-metre yacht moored at Ibiza Magna marina around 11 pm.

Portuguese president Marcelo Rebelo de Sousa has sent his condolences to the businessman’s family and said he “regretted the loss of a great Portuguese industrialist.”

According to the Forbes magazine rich list “PQP” as he was known, came fifth in the list of the richest men in Portugal with an estimated personal fortune of €1.1Bn.

But according to Exame magazine he had a fortune closer to €779 million (together with his mother).