Brazilian meat group JBS has filed registration requests with the US Securities and Exchange Commission in its next steps towards a corporate shake-up that will see it spin off its international businesses into an Ireland-based company – which in turn is expected to be listed on the New York Stock Exchange.
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In addition to its proposed listing on the NYSE, JBSFI will also be listed on the BM&F Bovespa.
As part of the reorganisation, JBS will change its name to JBS Brasil and remain traded in Brazil. Subject to shareholder approval, JBS will implement a capital reduction. Current JBS shareholders will be delivered, on a pro rata basis, all of the shares of JBSFI.
JBS Brasil will continue to hold JBS’s Brazilian beef, biodiesel, collagen and carrier businesses, as well as other activities and its global leather business. The Seara processed meat operation and JBS Brasil will remain under the leadership of existing management and will continue their growth strategies in the Brazilian market.
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JBS, which is scheduled to report its second-quarter earnings tomorrow (10 August), recently distanced itself from a corruption probe in Brazil that led to a police raid on offices of another firm owned by JBS’ majority shareholder J&F Participacoes.
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By GlobalDataJBS already has a presence across the Irish border in Northern Ireland, where it owns Moy Park – the largest poultry meat producer in the province and one of the 15 biggest food companies in the UK.
