Pedro Queiroz Pereira, described as the Portuguese paper king, has died on his yacht off Ibiza.
The entrepreneur, whose Navigator (ex-Portucel) printer paper is sold all over the world, 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 (cement and other construction materials), as well as other companies.
The magnate collapsed on stairs on his 30-metre yacht moored at Ibiza Magna marina around 11pm.
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 €1.1 billion.
But, according to Exame magazine, he had a fortune closer to €779 million (together with his mother).
Spanish police are now reported to be investigating the entrepreneur’s death.
