Unlikely Allies Want to Bar a Brazilian Beef Giant From U.S. Stock Markets

A giant Brazilian meatpacking company is facing persistent opposition to its plans for a listing on the New York Stock Exchange because of concerns about corruption settlements, accusations of Amazon deforestation and its growing market share in the United States.

The proposed listing by JBS, the world’s biggest meatpacker, has brought together American beef producers, environmentalists and politicians from both major parties in a rare common cause.

JBS is a leader in the American meat industry and has millions of dollars in government contracts to supply meat for food banks and school lunches. The company announced last year that it was planning an initial public offering in the United States, but calls from major investors to vote on the proposal have delayed the move.

A listing on the New York exchange would give JBS broader access to capital.

“They’ve been able to take dollars from their own government and our government and keep building up their market share, and they’re doing this as a bad actor,” said Lia Biondo, executive vice president of the United States Cattlemen’s Association.

Font: nytimes.com

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