Approval of JBS's US listing criticized by environmental groups, praised by Wall Street

From Yahoo Finance: 2025-05-02 07:05:00

The U.S. financial regulator approved JBS’s listing on the NYSE, sparking backlash from climate and animal rights groups but applause from Wall Street. Critics cite JBS’s criminal history, deforestation practices, and greenhouse gas emissions. JBS defends the move as beneficial for investors, farmers, and communities.

JBS stock rose 24% on the Sao Paulo Stock Exchange, anticipating SEC approval for the U.S. listing. The dual-listing plan involves listing primarily in New York through a Netherlands-based company, with shares trading in Sao Paulo via BDRs. Class B shares will hold 10 times the voting power of Class A.

Global Witness calls the SEC’s approval a disaster for the planet and its people, alleging JBS purchases cattle from deforested areas. JBS denies this claim, citing anti-deforestation policies. Shareholders will vote on the dual listing plan on May 23, potentially leading to controlling shareholders having 85% of voting power.

Read more: Environmental groups blast JBS’s US listing approval; Wall Street praises it