Brazilian meat JBS Expected that their shares will be traded on the New York stock exchange on Friday.
Trading in New York is a long -standing goal for JBS, which was founded 72 years ago and is now one of the world’s largest meat companies. Half of its annual turnover comesfrom the USAWhere it hasmore than 72,000 employees. JBS is America’s top beef producer and its second largest producer of poultry and pork.
The minority shareholders of JBS voted in the last month to approved the company’s plan to list its shares in both Sao Paulo and New York, and laid the opposition of environmental groups, US legislators and others who found JBS ‘records on corruption, monopolistic behavior and the recording of JBSEnvironmental degree.
JBS said a double list would give him broader access to investors and more competitive interest rates, which would help finance their growth. It was also said that a US list would be subject to more supervisory authorities. The US Securities and Exchange Commission approved the planned list of JBS last month.
Nevertheless, the proposed list has received a significant setback. At the beginning of this week, Mighty Earth said an environmental group that she sent a letter to the NYSE board to reject the list. Mighty Earth claims that JBS illegally benefits from the remote country in Brazil.
Glass Lewis, an influential independent investor consulting company, was also one of those who reject the planned list to JBS shareholders.
In his report, Glass Lewis, the recent return of brothers Joesley andWesley BatistaInvestors should affect the JBS board. The brothers who are the sons of the founder of JBS were briefly detained in Brazil in 2017 for bribes and corruption allegations.
Glass Lewis also rejected the company’s plan for Dual -Share classes, which give Batistas and other controlling shareholders more voting rights.
JBS said that the result showed that the shareholders were confident that the advantages would bring a double list.
This story was originally on Fortune.com
