|
Trading in New York has been a long-held goal for JBS, which was
founded 72 years ago and is now one of the world's largest meat
companies. Half of its annual revenue comes from the U.S., where
it has more than 72,000 employees. JBS is America’s top beef
producer and its second-largest producer of poultry and pork.
JBS's minority shareholders voted last month to approve the
company's plan to list its shares both in Sao Paulo and New
York, casting aside opposition from environmental groups, U.S.
lawmakers and others who noted JBS’ record of corruption,
monopolistic behavior and environmental destruction.
JBS said a dual listing would give it broader access to
investors and more competitive interest rates, which would help
it finance its growth. It has also said a U.S. listing would
subject it to more oversight from regulators. The U.S.
Securities and Exchange Commission approved JBS's planned
listing last month.
Still, the proposed listing has received significant pushback.
Earlier this week, Mighty Earth, an environmental group, said it
sent a letter to the NYSE board urging it to decline the
listing. Mighty Earth contends that JBS is illegally profiting
from deforested land in Brazil.
Glass Lewis, an influential independent investor advisory firm,
was also among those recommending that JBS's shareholders reject
the planned listing.
In its report, Glass Lewis said the recent return of brothers
Joesley and Wesley Batista to the JBS board should concern
investors. The brothers, who are the sons of JBS’ founder, were
briefly jailed in Brazil in 2017 on bribery and corruption
charges.
Glass Lewis also objected to the company’s plan for dual share
classes, which give the Batistas and other controlling
shareholders more voting power.
JBS said the outcome showed shareholders were confident in the
benefits a dual listing would bring.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
