JBS shares are expected to begin trading on the NYSE
Brazilian meat giant JBS expects its shares to begin trading Friday on the New York Stock Exchange.
Trading in New York is 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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 hours ago
- Yahoo
Alpargatas Inks Deal With The Eastman Group For Havaianas In North America
Havaianas owner Alpargatas S.A. is shifting gears in the North American market. The São Paulo-based company disclosed on Friday that it has signed an exclusive distribution agreement for the Havaianas brand of flip-flops for the U.S. and Canada with The Eastman Group. The pair will work together throughout 2025 on a transition process so the new model to have it ready in time for the 2026 season. More from WWD Hailey Bieber's Rhode Earned $20 Million in Media Exposure After E.l.f. Beauty Acquired the Brand for $1 Billion Colin Walsh to Step Down as CEO of P&G's Specialty Beauty Division Design Firm Dexelance Opens China Office to Fuel Expansion The move essentially shifts Alpargatas' operating model from direct operation to distribution. Alpargatas will remain focused on brand building, 'strengthening Havaianas brand power while focusing in portfolio assertiveness and brand competitiveness, aligned with Havaianas brand positioning and global strategy,' it said. The agreement includes an initial term of four years, and does not 'foresee any initial cash outflow for any party.' The terms of the agreement allow for an extension, either when certain metrics are met or by mutual agreement. The Eastman Group has operated in the U.S. market since 1939, and has a relevant presence in the footwear, apparel and lifestyle categories. It has U.S. distribution centers on both coasts, and relationships with major retailers across different distribution channels. Eastman counts over 30 distributed or licensed brands within its portfolio base. Alpargatas said the strategic partnership provides it with cost efficiency as it relies on a leaner local structure, In addition, it leverages the firm's presence in strategic channels via the expansion of the distribution network. Pedro Baptista, equity analyst for apparel, footwear and textiles in Latin America at Jefferies, has a 'buy' rating on shares of Alpargatas. He said North America accounted for 4 percent of group revenues and 16 percent of international in 2024. He described that deal with Eastman as a 'key strategic step' in North America. 'Alpargatas has historically been profitable in Europe, but the U.S. direct distribution model failed,' the analyst wrote in a research note. He said the new partnership is the step in the right direction, and that it could potentially lead to a licensing model. Eastman's portfolio of brands include Hurley, Eddie Bauer, Chaps, and Treton. Alpargatas also owns a 49 percent stake in Rothy's. Baptista noted that Brazilian firm has a call option to acquire the additional Rothy shares in 2025. In March, Gigi Hadid was named Havaianas' global brand ambassador. Havaianas' last celebrity partnership was a collaboration in 2023 with 'Euphoria' actress Barbie Ferreira, inspired by vintage Rio de Janeiro interior design and her Brazilian roots. And last month, Dolce & Gabbana and Havaianas launched an exclusive capsule that redefined the flip-flop with luxe details for summer. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos]
Business Insider
5 hours ago
- Business Insider
Google (GOOGL) Sues LATAM Airlines Over Free Speech in U.S. Court
On Thursday, tech giant Google (GOOGL) filed a lawsuit in U.S. federal court against Chile-based LATAM Airlines (LTM) in order to block Brazilian courts from forcing it to take down a YouTube video in the U.S. The video, which was posted by Florida resident Raymond Moreira, accuses a LATAM employee of sexually abusing his 6-year-old son during an unaccompanied minor flight. Google argues that LATAM is trying to get around U.S. free speech protections by suing in Brazil to force the video's global removal. Confident Investing Starts Here: In its lawsuit, filed in San Jose, California, Google said it supports the idea that courts should only control content in their own country, not worldwide. LATAM, which sued Google in Brazil back in 2018 to remove the video, told Reuters that it had not yet received official notice about Google's new U.S. case. Nevertheless, a Brazilian appeals court is set to decide next week whether it can order the video to be taken down globally. This situation is similar to a recent U.S. ruling where platforms like Trump Media (DJT) and Rumble (RUM) were not forced to follow a Brazilian order to remove U.S.-based accounts. Interestingly, it is worth noting that the video is tied to a larger legal battle. Indeed, Moreira had already sued LATAM in Florida in 2020 over the alleged abuse and reached a confidential settlement. Now, Google is pushing back against LATAM's attempt to take down the video worldwide by saying that this would violate U.S. constitutional protections. Google spokesperson Jose Castaneda emphasized that courts should not control what content is available in other countries. Is Google Stock a Good Buy? Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 29 Buys and nine Holds assigned in the past three months. Furthermore, the average GOOGL price target of $199.11 per share implies 13.5% upside potential from current levels.
Yahoo
8 hours ago
- Yahoo
Bolsonaro faces historic trial in Brazil
June 13 (UPI) -- Former Brazilian President Jair Bolsonaro is in the final stage of a historic trial before Brazil's Supreme Federal Court over his alleged role in an attempted coup following his 2022 election loss. The trial, now in its final phase of evidence collection, will determine Bolsonaro's legal fate and could end his political aspirations to reclaim the presidency. Since mid-May, Bolsonaro and several former aides have faced legal proceedings unprecedented in Brazil's recent history. On Tuesday, Bolsonaro appeared in court to respond to the charges. Prosecutors accuse Bolsonaro of plotting to overturn the 2022 election results to stay in power. He faces charges of rebellion and attempting a coup. Local news media report he could face up to 40 years in prison if convicted on all counts. During the hearing, Bolsonaro apologized to Justice Alexandre de Moraes and other members of the court for previously alleging election fraud, admitting he had no evidence. At one point, Bolsonaro even asked De Moraes if he would consider being his running mate in 2026 -- the justice replied, "I reject the offer." Bolsonaro admitted discussing with advisers and military leaders the possibility of finding a "legal mechanism" to overturn Luiz Inácio Lula da Silva's election victory, but insisted, "There was never a possibility of a coup in my government." That statement, though defiant, could alienate parts of Bolsonaro's base who continue to defend the Jan. 8, 2023, rioters, said Bruno Pazos Barboz, a professor at the Social Observatory of Rio. On that day, thousands of radical Bolsonaro supporters stormed government buildings in Brasília -- just one week after Lula took office -- vandalizing property and stealing documents and official government symbols. "This trial, which has drawn both national and international attention, is not only about individual accountability," Pazos said. "It's also a test of the strength of Brazil's democratic institutions. That's why what's happening -- and how it ends -- is so important." Bolsonaro is already barred from holding public office until 2030 by the Superior Electoral Court, due to his baseless attacks on the country's electronic voting system. A conviction in the current case could result in prison time and further extend that ban, effectively ending his short-term presidential ambitions. Despite the charges, some of his supporters and political analysts have not ruled out his return. A Genial/Quaest poll conducted between May and June 2025 found that 65% of Brazilians believe Bolsonaro should drop out of the 2026 presidential race and allow another right-wing candidate to take his place, The Rio Times reported -- signaling broad rejection beyond his core base of supporters. Still, "Bolsonarismo" remains active, said Pazos Barboz. The movement holds significant influence in Congress and maintains a loyal base that continues to mobilize periodically. Its rhetoric often centers on themes of "victimization" and claims of "political persecution." Two additional factors continue to sustain Bolsonarismo. One is the growth of Brazil's Protestant evangelical population, a demographic traditionally aligned with Bolsonaro and estimated at about 50 million people. The other is the lack of a unifying leader capable of bringing together the country's right-wing parties -- a gap that could reshape the 2026 electoral landscape. If convicted, Bolsonaro could appeal to the same court and possibly to the full bench. The entire legal process -- including trial and appeals -- could extend into late 2025 or early 2026.
