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The Independent
23-05-2025
- Business
- The Independent
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. Half of its annual revenue comes from the U.S., where it has more than 72,000 employees. It's America's top beef producer and it's second-largest producer of poultry and pork. JBS has pushed for several years to have its stock traded in New York and received significant pushback. Mighty Earth, an environmental group, said Friday that activists and political pressure had long kept the meat processor from making an initial public offering in the U.S. 'Giving JBS access to billions of dollars of new funding will serve only to supercharge deforestation and its climate-wrecking operations," Mighty Earth CEO Glenn Hurowitz said in a statement. 'Listing on the NYSE is meant to be a signal to investors that a company is serious about transparency, but JBS has shown its only playbook is hiding the true scale of its destruction, climate emissions and human rights abuses.' A message seeking comment was left Friday with the NYSE. Glass Lewis, an influential independent investor advisory firm, was also among those recommending that shareholders reject the plan. 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. 'In our view, the involvement of the company and of Joesley and Wesley Batista in multiple high-profile scandals has tarnished the company's reputation, undermining stakeholder trust and posing a significant risk to its competitive position,' Glass Lewis said. Glass Lewis also objected to the company's plan for dual share classes, which would give the Batistas and other controlling shareholders more voting power. In its response to Glass Lewis' report, JBS said it has established more stringent controls and anti-corruption training at the company in recent years. It also said a U.S. listing would ensure more oversight from U.S. authorities. 'We believe this transaction will increase our visibility in global markets, attract new investors and further strengthen our position as a global food industry leader,' Tomazoni said in a statement last month when the company announced Friday's vote. Many U.S. lawmakers also aren't convinced JBS belongs on the NYSE. In a letter sent last week to JBS, U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, noted that Pilgrim's Pride — a U.S. company owned by JBS — was the largest single donor to President Donald Trump's inaugural committee, with a $5 million gift. The SEC's approval came just weeks after that donation, Warren said. 'I am concerned Pilgrim's Pride may have made its contribution to the inaugural fund to curry favor with the Trump administration,' Warren wrote in the letter, which asked the company why the donation was made. In a statement, JBS said it has a 'long bipartisan history of participating in the civic process.' Warren was also among a bipartisan group of 15 U.S. senators who sent a letter to the SEC in January 2024 urging the agency to reject a U.S. listing for JBS. The senators, a diverse group that rarely agrees on policy, included Republicans Marco Rubio of Florida and Josh Hawley of Missouri, Democrat Cory Booker of New Jersey and Independent Bernie Sanders of Vermont. The letter noted that in 2020, J&F Investments, a controlling shareholder of JBS that is owned by the Batista family, pleaded guilty to bribery charges in U.S. federal court and agreed to pay fines of $256 million. It also said Pilgrim's Pride pleaded guilty to price-fixing charges in 2021. And it said U.S. Senate investigations found that JBS is 'turning a blind eye' to rainforest destruction in the Amazon by its suppliers. 'Approval of JBS' proposed listing would subject U.S. investors to risk from a company with a history of blatant, systemic corruption, and further entrench its monopoly power and embolden its monopoly practices,' the letter said.
Globe and Mail
23-05-2025
- Business
- Globe and Mail
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 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 Global CEO Gilberto Tomazoni said the outcome showed shareholders were confident in the benefits a dual listing would bring. The company said before the vote that listing shares in the U.S. would boost its global profile and attract new investors. JBS said it expected to begin trading on the New York Stock Exchange 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. Half of its annual revenue comes from the U.S., where it has more than 72,000 employees. It's America's top beef producer and it's second-largest producer of poultry and pork. JBS's plan — which has been in the works for years — has generated significant pushback. Last fall, 20 environmental organizations — including Mighty Earth, Greenpeace and Rainforest Action Network — signed an open letter to JBS investors opposing the listing, saying it would put the climate at greater risk. Glass Lewis, an influential independent investor advisory firm, was also among those recommending that shareholders reject the plan. 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. 'In our view, the involvement of the company and of Joesley and Wesley Batista in multiple high-profile scandals has tarnished the company's reputation, undermining stakeholder trust and posing a significant risk to its competitive position,' Glass Lewis said. Glass Lewis also objected to the company's plan for dual share classes, which would give the Batistas and other controlling shareholders more voting power. In its response to Glass Lewis' report, JBS said it has established more stringent controls and anti-corruption training at the company in recent years. It also said a U.S. listing would ensure more oversight from U.S. authorities. 'We believe this transaction will increase our visibility in global markets, attract new investors and further strengthen our position as a global food industry leader,' Tomazoni said in a statement last month when the company announced Friday's vote. Many U.S. lawmakers also aren't convinced JBS belongs on the New York Stock Exchange. In a letter sent last week to JBS, U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, noted that Pilgrim's Pride — a U.S. company owned by JBS — was the largest single donor to President Donald Trump's inaugural committee, with a $5 million gift. The SEC's approval came just weeks after that donation, Warren said. 'I am concerned Pilgrim's Pride may have made its contribution to the inaugural fund to curry favor with the Trump administration,' Warren wrote in the letter, which asked the company why the donation was made. In a statement, JBS said it has a 'long bipartisan history of participating in the civic process.' Warren was also among a bipartisan group of 15 U.S. senators who sent a letter to the SEC in January 2024 urging the agency to reject a U.S. listing for JBS. The senators, a diverse group that rarely agrees on policy, included Republicans Marco Rubio of Florida and Josh Hawley of Missouri, Democrat Cory Booker of New Jersey and Independent Bernie Sanders of Vermont. The letter noted that in 2020, J&F Investments, a controlling shareholder of JBS that is owned by the Batista family, pleaded guilty to bribery charges in U.S. federal court and agreed to pay fines of $256 million. It also said Pilgrim's Pride pleaded guilty to price-fixing charges in 2021. And it said U.S. Senate investigations found that JBS is 'turning a blind eye' to rainforest destruction in the Amazon by its suppliers. 'Approval of JBS' proposed listing would subject U.S. investors to risk from a company with a history of blatant, systemic corruption, and further entrench its monopoly power and embolden its monopoly practices,' the letter said.
Yahoo
23-05-2025
- Business
- Yahoo
Brazil's JBS asks shareholders to overlook opposition and approve a US stock listing
Making meat is a messy business. But for Brazilian meat giant JBS, getting approval to trade its shares on the New York Stock Exchange has been even messier. Environmentalists, animal rights groups, U.S. lawmakers and even some of its own investors have tried to stop a U.S. listing for JBS, noting the company's long record of corruption, monopolistic behavior and environmental destruction. But JBS has persevered, saying dual listings in Sao Paulo and New York would attract new investors and better reflect its global portfolio. Late last month, the U.S. Securities and Exchange Commission granted the company's request to list its shares on the New York Stock Exchange. JBS is one of the world's largest food companies, with more than 250 production facilities in 17 countries. Half of its annual revenue comes from the U.S., where it has more than 72,000 employees. It's America's top beef producer and it's second-largest producer of poultry and pork. On Friday, JBS' minority shareholders – who hold 30% of its shares – are scheduled to vote on the dual-listing plan. If they approve it, the company could list its shares in New York as early as next month. Early vote totals, which JBS released Thursday in a filing in Brazil, showed that 52% of shareholders opposed the plan. But there were many more votes to be counted, so the outcome was far from clear. Last fall, 20 environmental organizations — including Mighty Earth, Greenpeace and Rainforest Action Network — signed an open letter to JBS investors opposing the listing, saying it would put the climate at greater risk. Glass Lewis, an influential independent investor advisory firm, was also among those recommending that shareholders reject the plan. 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. 'In our view, the involvement of the company and of Joesley and Wesley Batista in multiple high-profile scandals has tarnished the company's reputation, undermining stakeholder trust and posing a significant risk to its competitive position,' Glass Lewis said. Glass Lewis also objected to the company's plan for dual share classes, which would give the Batistas and other controlling shareholders more voting power. In its response to Glass Lewis' report, JBS said it has established more stringent controls and anti-corruption training at the company in recent years. It also said a U.S. listing would ensure more oversight from U.S. authorities. 'We believe this transaction will increase our visibility in global markets, attract new investors and further strengthen our position as a global food industry leader,' JBS Global CEO Gilberto Tomazoni said in a statement last month when the company announced Friday's vote. But many U.S. lawmakers also aren't convinced JBS belongs on the New York Stock Exchange. In a letter sent last week to JBS, U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, noted that Pilgrim's Pride — a U.S. company owned by JBS — was the largest single donor to President Donald Trump's inaugural committee, with a $5 million gift. The SEC's approval came just weeks after that donation, Warren said. 'I am concerned Pilgrim's Pride may have made its contribution to the inaugural fund to curry favor with the Trump administration,' Warren wrote in the letter, which asked the company why the donation was made. In a statement, JBS said it has a 'long bipartisan history of participating in the civic process.' Warren was also among a bipartisan group of 15 U.S. senators who sent a letter to the SEC in January 2024 urging the agency to reject a U.S. listing for JBS. The senators, a diverse group that rarely agrees on policy, included Republicans Marco Rubio of Florida and Josh Hawley of Missouri, Democrat Cory Booker of New Jersey and Independent Bernie Sanders of Vermont. The letter noted that in 2020, J&F Investments, a controlling shareholder of JBS that is owned by the Batista family, pleaded guilty to bribery charges in U.S. federal court and agreed to pay fines of $256 million. It also said Pilgrim's Pride pleaded guilty to price-fixing charges in 2021. And it said U.S. Senate investigations found that JBS is 'turning a blind eye' to rainforest destruction in the Amazon by its suppliers. 'Approval of JBS' proposed listing would subject U.S. investors to risk from a company with a history of blatant, systemic corruption, and further entrench its monopoly power and embolden its monopoly practices,' the letter said. Dee-ann Durbin, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
23-05-2025
- Business
- Associated Press
Brazil's JBS asks shareholders to overlook opposition and approve a US stock listing
Making meat is a messy business. But for Brazilian meat giant JBS, getting approval to trade its shares on the New York Stock Exchange has been even messier. Environmentalists, animal rights groups, U.S. lawmakers and even some of its own investors have tried to stop a U.S. listing for JBS, noting the company's long record of corruption, monopolistic behavior and environmental destruction . But JBS has persevered, saying dual listings in Sao Paulo and New York would attract new investors and better reflect its global portfolio. Late last month, the U.S. Securities and Exchange Commission granted the company's request to list its shares on the New York Stock Exchange. JBS is one of the world's largest food companies , with more than 250 production facilities in 17 countries. Half of its annual revenue comes from the U.S. , where it has more than 72,000 employees . It's America's top beef producer and it's second-largest producer of poultry and pork. On Friday, JBS' minority shareholders – who hold 30% of its shares – are scheduled to vote on the dual-listing plan. If they approve it, the company could list its shares in New York as early as next month. Early vote totals, which JBS released Thursday in a filing in Brazil, showed that 52% of shareholders opposed the plan. But there were many more votes to be counted, so the outcome was far from clear. Last fall, 20 environmental organizations — including Mighty Earth, Greenpeace and Rainforest Action Network — signed an open letter to JBS investors opposing the listing, saying it would put the climate at greater risk. Glass Lewis, an influential independent investor advisory firm, was also among those recommending that shareholders reject the plan. 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. 'In our view, the involvement of the company and of Joesley and Wesley Batista in multiple high-profile scandals has tarnished the company's reputation, undermining stakeholder trust and posing a significant risk to its competitive position,' Glass Lewis said. Glass Lewis also objected to the company's plan for dual share classes, which would give the Batistas and other controlling shareholders more voting power. In its response to Glass Lewis' report, JBS said it has established more stringent controls and anti-corruption training at the company in recent years. It also said a U.S. listing would ensure more oversight from U.S. authorities. 'We believe this transaction will increase our visibility in global markets, attract new investors and further strengthen our position as a global food industry leader,' JBS Global CEO Gilberto Tomazoni said in a statement last month when the company announced Friday's vote. But many U.S. lawmakers also aren't convinced JBS belongs on the New York Stock Exchange. In a letter sent last week to JBS, U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, noted that Pilgrim's Pride — a U.S. company owned by JBS — was the largest single donor to President Donald Trump's inaugural committee, with a $5 million gift. The SEC's approval came just weeks after that donation, Warren said. 'I am concerned Pilgrim's Pride may have made its contribution to the inaugural fund to curry favor with the Trump administration,' Warren wrote in the letter, which asked the company why the donation was made. In a statement, JBS said it has a 'long bipartisan history of participating in the civic process.' Warren was also among a bipartisan group of 15 U.S. senators who sent a letter to the SEC in January 2024 urging the agency to reject a U.S. listing for JBS. The senators, a diverse group that rarely agrees on policy, included Republicans Marco Rubio of Florida and Josh Hawley of Missouri, Democrat Cory Booker of New Jersey and Independent Bernie Sanders of Vermont. The letter noted that in 2020, J&F Investments, a controlling shareholder of JBS that is owned by the Batista family, pleaded guilty to bribery charges in U.S. federal court and agreed to pay fines of $256 million. It also said Pilgrim's Pride pleaded guilty to price-fixing charges in 2021. And it said U.S. Senate investigations found that JBS is 'turning a blind eye' to rainforest destruction in the Amazon by its suppliers. 'Approval of JBS' proposed listing would subject U.S. investors to risk from a company with a history of blatant, systemic corruption, and further entrench its monopoly power and embolden its monopoly practices,' the letter said.
News24
23-04-2025
- Politics
- News24
Indonesia food plan risks 'world's largest' deforestation
Indonesia's plans to plant vast tracts rice to ensure food security and sugar cane for biofuel could be the wprld's largest deforestation project, warn environmentalists. Deforestation is already underway, by late last year, an area larger than Paris had been cleared. Indonesia's government says the land targeted is degraded, already cultivated or in need of "optimisation". For climate change news and analysis, go to News24 Climate Future. An Indonesian soldier gives a thumbs up as he crosses a rice field on a combine harvester in remote Papua, where a government food security mega-project has raised fears of mass deforestation. Keen to end its reliance on rice imports, Indonesia wants to plant vast tracts of the crop, along with sugar cane for biofuel, in the restive eastern region. But environmentalists warn it could become the world's largest deforestation project, threatening endangered species and Jakarta's climate commitments. And activists fear the scheme will fuel rights violations in a region long plagued by alleged military abuses as a separatist insurgency rumbles on. The project's true scale is hard to ascertain; even government statements vary. At a minimum, however, it aims to plant several million hectares of rice and sugar cane across South Papua province's Merauke. One million hectares is around the size of Lebanon. Deforestation linked to the plan is already under way. By late last year, more than 11 000 hectares had been cleared - an area larger than Paris - according to Franky Samperante of environmental and Indigenous rights NGO Yayasan Pusaka Bentala Rakyat. That figure has only increased, according to analysis by campaign group Mighty Earth and conservation start-up The TreeMap. Their work shows areas cleared include primary and secondary natural dryland and swamp forest, as well as secondary mangrove forest, savanna and bush. READ | Tentative tree planting 'decades overdue' in sweltering Athens "Usually, deforestation is a product of government not doing its job," said Mighty Earth chief executive Glenn Hurowitz. "But in this case, it's actually the state saying we want to clear some of our last remaining forests, carbon-rich peatlands, habitat for rare animals," he told AFP. Indonesia's government says the land targeted is degraded, already cultivated or in need of "optimisation", dismissing some areas as little more than swamps. Tragedy Environmentalists argue that misunderstands the local ecosystem. "In South Papua, the landscape and the ecosystem is lowland forest," said Samperante. "There are often misconceptions or even belittling" of these ecosystems, he added. Mapping done by Mighty Earth shows the project threatens a broader ecosystem range - including peatlands and forests the group says should be protected by a government moratorium on clearing. "The tragedy in this project," said Hurowitz, "is that Indonesia has made so much progress in breaking the link between agricultural expansion and deforestation." "Unfortunately, this single project threatens to undermine all progress." Indonesia has some of the world's highest deforestation rates and Papua retains some of the largest remaining untouched tracts. Indonesian think-tank CELIOS says cutting down so much forest could derail Jakarta's plan to reach net-zero by 2050. READ | Global warming is a security threat and armies must adapt - experts For President Prabowo Subianto's government, criticism of the project ignores Indonesia's agricultural and economic realities. He has made the scheme a priority, visiting soon after taking office. In January, he said the country was on track to end rice imports by late 2025, and reiterated its energy independence needs. The agriculture ministry did not respond to AFP's request for comment. In Papua, planting is in full swing. In the region's Kaliki district, AFP saw farmers supported by soldiers tending rice paddies in recently-cleared land. "This location used to be like the one on the right here. Non-productive and neglected land," said Ahmad Rizal Ramdhani, a soldier serving as the agriculture ministry's food resilience taskforce chief, at an event lauding the project. That characterisation is disputed by Mighty Earth's satellite analysis, which found that at least two areas in the region cleared for rice overlap with government-designated peatland. Indonesia's military is heavily involved in the project. Local farmer Yohanis Yandi Gebze told AFP soldiers gave him "tools, agricultural equipment and machinery" for rice cultivation. Speaking not far from Ramdhani's event, he praised the military. "I see them cooperating with the people very well," he said. Cannot refuse Others say that is only part of the story. Indonesia officially seized Papua, a former Dutch colony, in a widely criticised but UN-backed vote in 1969. It has since been accused of abuses in a decades-long separatist conflict in the region. "The community feels intimidated," said Dewanto Talubun, executive director at Merauke-based environmental and rights group Perkumpulan Harmoni Alam Papuana. "Not all members of the community agree with this project, and they cannot directly refuse," he told AFP. Samperante too reported local fears. "Almost every day a human rights violation occurs," he said. The defence ministry told AFP the military had the resources and "high discipline" to accelerate the food project while securing "stability and security" in the region. However, there are significant doubts about the project's viability. "Soils in Merauke are likely too acidic and the climate too extreme... to grow rice," said David Gaveau, founder of The TreeMap. He warned that draining Merauke's wetlands for agriculture risks turning the area "into a tinder box" - a fate seen elsewhere in Indonesia. Critics do not dispute Jakarta's food security needs, but said crops should be grown elsewhere on abandoned agricultural land. "It should be done in places that are capable of absorbing it," said Hurowitz.
