JBS shareholders approve US stock listing despite pushback from environmental groups and others
Brazilian meat giant JBS came a step closer Friday to its long-held goal of trading its shares on the New York Stock Exchange.
The company’s minority shareholders voted to approve JBS’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 the outcome showed shareholders were confident in the benefits a dual listing would bring.
“This step is expected to further unlock value for JBS, providing broader access to investors and more competitive interest rates, thereby expanding our ability to finance growth at a lower cost and accelerating our diversification strategy,” JBS Global Chief Financial Officer Guilherme Cavalcanti said in a statement.
JBS said it expected to begin trading on the NYSE on June 12. The U.S. Securities and Exchange Commission granted the company’s request to list its shares in New York late last month.
JBS is one of the world’s largest food companies, with more than 250 production facilities in 17 countries.