The Securities and Exchange Commission has signed off on letting a Brazilian meat packer linked to Amazon deforestation trade its shares on the New York Stock Exchange, in spite of previous opposition from Secretary of State Marco Rubio and other top Republicans.
JBS, the world’s largest meat producer, announced Wednesday that it had received regulatory approval to list itself on the NYSE and would ask shareholders to ratify its plan at a May 23 meeting. The company is currently traded on the Brazilian stock exchange and would continue to offer some shares in São Paulo.
“We believe this transaction will increase our visibility in global markets, attract new investors, and further strengthen our position as a global food industry leader,” JBS CEO Gilberto Tomazoni said in a statement. The company has over 250 production facilities and its products reach consumers in more than 180 countries.
JBS has been accused of buying cattle that were raised illegally in protected areas of the Amazon, bribing Brazilian government officials and fixing beef prices. In recent years, those alleged practices have cost the company hundreds of millions of dollars in fines and settlements in the U.S. and Brazil.
