JBS calls shareholder meeting to vote on US listing plan
Shares could be offered as early as June
23 April 2025
1 minute read
By: JBS SA, the world's largest meatpacker, called a shareholder meeting for May 23 to vote on its plan to list shares on the New York Stock Exchange, Reuters reported, citing a securities filing on Tuesday.
The US listing, which has been in the works for years, would provide access to a broader pool of investors and possibly aid JBS, which is now primarily listed in Brazil, in raising its valuation closer to its industry peers.
Under JBS' "dual listing" proposal, its shareholders would receive one Brazilian Depositary Receipt of JBS N.V., the entity which to be listed in New York, for every two JBS' shares they own.
Last month, JBS' second largest shareholder, the equity arm of Brazil's development bank, BNDESPar, said it would abstain from voting at the upcoming shareholders meeting. The announcement boosted JBS' share price because there was uncertainty about whether BNDESPar would endorse JBS' US listing strategy.
Reuters had reported last week, citing a regulatory document filed with the US market regulator, that JBS' board of directors could convene the meeting for May 23.
In a separate statement on Tuesday, JBS said its US shares could start to be offered in the US market as soon as June.
