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Diving Briefs:
- JBS was approved by the US Securities and Exchange Commission on Tuesday and listed shares on the New York Stock Exchange. Despite the opposition of the environment and parliamentarians.
- The SEC has granted an efficiency declaration to the world’s largest meat company, which means that there is no objection to the US listing proposal by Brazil -based JBS. Shareholders vote in the proposal May 23 at the meeting.
- JBS CEO GILBERTO TOMAZONI said in a statement that this list will increase the market evaluation and “attract new investors and further strengthen our status as a global food industry leader.
Dive Insights:
The SEC faced a strong pressure that the world’s largest meat company should refuse to approach the US market, regarding climate records and deforestation. Environmental groups argue that the list can increase the JB. Already vast carbon footprints.
JBS also has the history of misunderstood investors and consumers, critics insist on climate and corporate governance. The company has been involved in the corruption scandal that sounds the political environment of Brazil.. It also faces a lawsuit in the United States, which is believed to mislead consumers about the climate action plan.
In the statement, Alexandria Reid, the head of the International NGO Global Witness, said in a statement that “a company like JBS has had a harmful impact on society.” “It shows the deep failure of the US financial regulatory system by allowing it to be listed on the world’s largest securities exchange that unlocks the vast opportunities for expansion and profit. This decision is a disaster for both people and the earth.”
JBS’s proposed listing also raised concerns about anti -competition among US lawmakers.
The Democratic Party, the Secretary of State Trump, and Marco Rubio of the former Florida Senate Last year, the list of JBS strengthened the company’s market position and “further enhanced monopoly power.”
MIGHTY EARTH, who submitted five times to the SEC that challenges the JBS listing, showed the agency’s decision and said, “It is not an independent SEC that supports honest practices in the US market for almost a century.”
“Given the long seats of illegal and corrupt behavior of the company, it’s hard for the SEC to be convinced that JBS will not deceive US investors,” he said in the statement.
JBS said that this measure was almost unlocked and almost According to Bloomberg, market evaluation is doubled to $ 30 billion.
Covid-19 Pandemic, Corruption Scandal and other delays have collected JBS from the US, and the company will withdraw one of the most potential obstacles facing the list while refusing to vote, including the company that refuses to pursue the US IPO in 2016.
“This stage will display new chapters in JBS history,” JBS CFO’s Guilherme Cavalcanti said.
JBS is looking for stocks through the Dutch parent company JBS NV. We also pursue listing on Brazil’s Sang Paulo Stock Exchange. Meat Packers are expected to start providing listed stocks in early June, according to submitted to the SEC earlier this month.
