Meat & Livestock News

Senators Examine JBS SA’s Proposed NYSE Entry

A group of US senators from both parties is scrutinising the potential New York Stock Exchange listing of JBS SA, a major Brazilian meat processor. The group, including Senators Marco Rubio, Josh Hawley, Cory Booker, and Elizabeth Warren, has raised concerns to the US Securities and Exchange Commission (SEC) about JBS’s intended initial public offering (IPO) in the United States.

The senators have urged the SEC to thoroughly review JBS’s draft filing for completeness and accuracy. SEC Chairman Gary Gensler is expected to respond directly to Congress regarding this matter.

JBS’s journey towards a US IPO has been ongoing, with a notable attempt in 2017 halted due to corruption charges against its executives in Brazil. In 2020, the SEC fined JBS $27 million to settle a bribery case related to its acquisition of Pilgrim’s Pride in 2009.

Environmental groups have also voiced concerns about JBS’s IPO. Senators Rubio and Menendez have been monitoring JBS’s US acquisitions, seeking Treasury Department reviews in 2019 and 2021.

In response, JBS expressed confidence in their dual listing proposal, announced in July 2023. Spokesperson Nikki Richardson highlighted the proposal’s focus on improving governance, transparency, and stakeholder collaboration for a sustainable future.

This situation underscores the regulatory and ethical considerations multinational corporations face in their financial endeavours, especially in critical industries like meat processing.