JBS lists on New York Stock Exchange after years of pushback

After years of pushback from politicians, NGOs and investor groups, the world’s largest animal protein producer has finally listed on the New York Stock Exchange.

Following years of pushback from politicians, NGOs and investor groups, the world’s largest animal protein producer finally began trading on the New York Stock Exchange.

Brazilian-based JBS, headed up by billionaire brothers Joesley and Wesley Batista, currently employs more than 280,000 people worldwide, and, through their subsidiary JBS Foods Australia, own many of Australia’s prominent food brands including Primo, Huon and Red Gum Creek.

JBS’ global chief executive Gilberto Tomazoni said joining the NYSE was a “source of great pride” for the company.

“It recognizes our successful track record, built on resilience, determination, and a commitment to the future, as well as our entrepreneurial journey,” he said.

This brings to fruition the company’s dual listing strategy, with shares also listed on Brazil’s B3 stock exchange - but the process has been all but smooth.

Joesley Batista in 2015. Picture: Vanessa Carvalho/AFP

JBS previously attempted to join the NYSE in 2017, before it was derailed by a corruption scandal, in which JBS executives admitted to paying more than US$150m in bribes to nearly 2000 politicians in exchange for favourable treatment.

In addition, the company was alleged to have sourced cattle from suppliers involved in illegal deforestation in the Amazon, while it has also had lawsuits filed against it for misleading consumers and investors in regards to its efforts in reducing greenhouse gas emissions.

Then, earlier this year, US Senator Elizabeth Warren raised concerns over a US$5m donation from one of JBS’ subsidiaries, Pilgrim Pride, to the Trump-Vance Inaugural Committee, and whether it was a “quid pro quo” arrangement to receive approval for the listing.

“Your large donations and direct stake in federal policies and enforcement actions, and the Trump Administration’s series of actions that benefit your companies, raise serious concerns about a potential quid-pro-quo arrangement. Congress and the public deserve answers,” Senator Warren wrote in a letter to Wesley Batista and Pilgrim’s Pride chief executive Fabio Sandri.

Senator Elizabeth Warren. Picture: (AP Photo/Jose Luis Magana)

JBS opened at US$13.65 on Friday, before reaching a high of US$14.58, and closing at US$13.87 over the weekend.

The company has a market cap of almost $24bn, with 74 locations around Australia.