JBS, the world’s largest poultry producer and a major force in the global meat industry, has received shareholder approval to move forward with its dual listing plan. The company will now have its shares traded on both Brazil’s B3 stock exchange and the New York Stock Exchange (NYSE) in the United States. This decision follows an extraordinary general meeting held on May 23, where shareholders voted in favor of the proposal.
The company’s shares are expected to begin trading on the NYSE on June 12. The dual listing is designed to broaden JBS’s access to capital markets and to better align its corporate structure with its international operations. JBS operates in 15 other countries, in addition to Brazil and the United States, and has more than 250 production facilities across all continents except Antarctica. It also holds the position of the world’s largest poultry producer and the 13th largest feed producer.
Despite the shareholder approval, the dual listing plan has been met with controversy. Critics, including U.S. lawmakers and advocacy groups, have raised concerns about JBS’s corporate practices, citing a history of corruption and environmental violations. Calls for the U.S. Securities and Exchange Commission (SEC) to closely scrutinize the dual listing proposal have added further tension to the process.
Interestingly, the two largest shareholders of JBS, J&F Investimentos and BNDESPar, abstained from the vote. Together, these entities control approximately 70% of the company’s shares. J&F Investimentos is owned by the Batista family, which founded JBS.
The dual listing strategy, first announced in July 2023, reflects JBS’s ambitions to solidify its global presence and attract new investors through increased market visibility. However, the ongoing scrutiny surrounding the company’s business practices could influence how the dual listing is received by international stakeholders.
