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BRAZILIAN-OWNED MEAT PROCESSOR JBS TRYING TO GET COMPANY LISTED ON NYSE, SENATORS CONCERNED
Jan. 12, 2024
Reuters reports:
WASHINGTON - The New York share listing of Brazilian meat company JBS SA (JBSS3.SA) would expose investors to risk and the U.S. Securities and Exchange Commission should closely scrutinize the company's criminal and environmental track record, a bipartisan group of senators said in a letter to the agency on Thursday.
JBS, the world's largest meat packer, in July revived a decade-plus-long effort to list its shares on the New York Stock Exchange in hopes of accessing cheaper capital and more investors.
Its earlier attempt was delayed in part by a 2017 Brazilian bribery scandal. In 2020, the SEC fined JBS $27 million to resolve other bribery charges related to its 2009 acquisition of Pilgrim's Pride, another top U.S. meat company.
Those events, plus allegations by environmental activists that the company's cattle sourcing practices contribute to Amazon deforestation, present "deep concerns" about the potential listing, said the 15 senators, who include Democrats Elizabeth Warren and Cory Booker, and Republicans Marco Rubio and Josh Hawley.
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