JBS shareholders greenlight dual listing move amid scrutiny in the US
Minority investors back NYSE listing as company faces political pressure and regulatory hurdles
BRAZIL – Minority shareholders of Brazilian meatpacking giant JBS S.A. have approved the company’s plan to list shares on both the New York Stock Exchange (NYSE) and the São Paulo Stock Exchange during a general meeting held on May 23.
The vote went forward without participation from J&F Investimentos and BNDESPar, the company’s largest shareholders, who opted to abstain following prior disagreements over the listing strategy.
Pending final regulatory clearance from Brazil’s Comissão de Valores Mobiliários (CVM), JBS shares could begin trading on the NYSE as early as June.
The company had completed its registration process with the US Securities and Exchange Commission (SEC) in April, paving the way for the dual listing to proceed.
In a statement issued at the time, JBS Global CEO Gilberto Tomazoni said the dual listing was intended to expand the company’s exposure to international capital markets and attract more foreign investment.
Record earnings and political pushback
The shareholder vote comes shortly after JBS posted its highest-ever first-quarter results, with net sales rising 8.5% to approximately US$16.9 billion and net profit increasing 50.5% to around US$560 million, for the period ending March 31, 2025.
The company also reported an EBITDA margin of 7.8% for the quarter, highlighting a strong operational performance across its global divisions.
Despite the positive earnings report, JBS continues to face resistance in the US from lawmakers and advocacy groups critical of its environmental track record and business conduct.
On May 19, US Senator Elizabeth Warren (D-Mass.) sent a letter to JBS USA and Pilgrim’s Pride executives raising concerns over a US$5 million (approx.) donation made to the Trump-Vance Inaugural Committee.
Warren suggested the contribution may have been intended to gain political leverage ahead of regulatory decisions related to JBS’s public offering in the United States.
She also referenced several ongoing federal investigations involving the company and warned of the possibility of undue influence on the approval process.
Earlier in January, Warren joined a bipartisan group of senators calling on the SEC to closely review JBS’s draft IPO documents.
Long-term ambitions and regulatory roadblocks
JBS has been pursuing a US stock listing for several years, framing it as part of a broader plan to expand its footprint in global markets.
However, the initiative has remained controversial due to the company’s legal history, including past charges of corruption and anti-competitive behavior.
As of now, JBS remains listed solely on Brazil’s B3 stock exchange, while awaiting further regulatory decisions that will determine the final outcome of its dual listing plan.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
