Brazil meatpacking giant JBS wins backing for Wall Street listing
JBS has 250 companies in 17 countries worldwide that employ some 280,000 people. (AP pic)
BRASILIA : Minority shareholders in Brazil meatpacking giant JBS today backed proposals for a dual stock market listing on Wall Street and in Brazil, despite opposition from US environmental and anti-corruption groups.
The 72-year-old company hailed the decision as 'a historic milestone' and said it expected its shares to begin trading on the New York Stock Exchange on June 12.
JBS's two largest shareholders abstained from the vote.
The company's bid to transfer its primary listing from Sao Paulo to New York had drawn scrutiny from US activists, who cited concerns about graft allegations as well as rampant deforestation by Brazilian cattle ranchers.
JBS said it would remain listed in Sao Paulo through Brazilian depositary receipts – certificates representing shares of a foreign company that allow the shares to be traded in Brazil.
It said the double listing would expand its investment capacity, allowing it 'to finance growth at a lower cost'.
JBS has 250 companies in 17 countries worldwide that employ some 280,000 people.
It and other meat processing giants, like Marfrig and Minerva, have been accused of having a hand in the clearing of huge swathes of Brazilian rainforest for cattle rearing.
JBS claims that it does not buy beef produced through illegal deforestation.
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