Shares of meatpacking giant JBS begin trading on the NYSE
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.
Monday Mornings
The latest local business news and a lookahead to the coming week.
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
Canada News.Net
3 days ago
- Canada News.Net
Accenture to acquire Australia's CyberCX in record cyber transaction
DUBLIN, Ireland: Accenture announced it will acquire Australian cybersecurity provider CyberCX, which it says will be its largest-ever purchase in the sector, as demand for cyber defense services soars worldwide. The Australian Financial Review valued the deal at over A$1 billion (US$650 million). The seller is private equity firm BGH Capital, which created CyberCX in 2019 by merging 12 smaller cybersecurity companies. Neither Accenture nor BGH Capital has confirmed the valuation or provided additional financial details. The acquisition comes amid a surge in cyberattacks targeting industries from healthcare to finance. Increasingly sophisticated threats are disrupting operations and exposing sensitive data. CyberCX employs about 1,400 staff and operates security operations centres across Australia and New Zealand, as well as offices in London and New York. For Accenture, the deal marks the latest in a series of security-focused acquisitions. Since 2015, the Dublin, Ireland headquarted company has completed 20 such purchases, including Brazilian cyber defense firm Morphus, MNEMO Mexico, and Spain-based Innotec Security. "Client demand for cybersecurity services is accelerating as data and digital environments become increasingly connected and heightened threats are exposed across operational value chains, supply chains, and the enterprise," said Peter Burns, who heads Accenture's operations in Australia and New Zealand.
Toronto Star
4 days ago
- Toronto Star
Verdict and sentencing for Brazil's Bolsonaro is set for early September
SAO PAULO (AP) — A verdict and sentence in the coup trial against former Brazilian President Jair Bolsonaro will be delivered early next month, the country's Supreme Court announced Friday. The court said the five-justice panel that heard the right-wing leader's case will deliver verdicts and sentences on the five counts against him from Sept. 2 to 12.
Winnipeg Free Press
4 days ago
- Winnipeg Free Press
Verdict and sentencing for Brazil's Bolsonaro is set for early September
SAO PAULO (AP) — A verdict and sentence in the coup trial against former Brazilian President Jair Bolsonaro will be delivered early next month, the country's Supreme Court announced Friday. The court said the five-justice panel that heard the right-wing leader's case will deliver verdicts and sentences on the five counts against him from Sept. 2 to 12. Bolsonaro, who has drawn the strong support of U.S. President Donald Trump and who remains under house arrest, is accused of leading a conspiracy to stay in office after his narrow election defeat in 2022 to current President Luiz Inácio Lula da Silva. Bolsonaro denies wrongdoing. Prosecutors say Bolsonaro and several of his allies headed a criminal organization that plotted to overturn the election, including plans to kill Lula and Supreme Court Justice Alexandre de Moraes, who is overseeing the criminal case. Prosecutors have presented message exchanges, handwritten notes and other evidence allegedly detailing the plot. Defense attorneys have argued that no coup went forward and that Bolsonaro allowed the presidential transition to Lula to take place, undermining any allegations that he tried to thwart that process. There are two five-justice panels at Brazil's top court, and Justice de Moraes brought the case to the one he sits on. Bolsonaro, who governed from 2019 to 2022, appointed two members of the court, but both sit on the other panel. There are five counts against Bolsonaro issued by the country's prosecutor-general: attempting to stage a coup, involvement in an armed criminal organization, attempted violent abolition of the democratic rule of law and two counts involving destruction of state property. The prosecution finished presenting its case in July and the defense wrapped up its arguments this week. Bolsonaro's trial has gripped a sharply divided Brazilian public. It received even more attention after Trump directly tied a 50% tariff on imported Brazilian goods to his ally's judicial situation. Trump has called the proceedings a ' witch hunt ' against a political opponent, triggering nationalist reactions from many Brazilian politicians. ___ Follow AP's coverage of Latin America and the Caribbean at
