JBS shelves plans for US stock market float

THE world’s largest meat processor, JBS SA, has cancelled plans to reorganise its business by floating most of the company on the New York Stock Exchange and moving management to Ireland. The dramatic turn of events came after minority shareholder, the Brazilian Government’s National Development Bank (BNDES), vetoed the move. JBS shares dropped dramatically on the news yesterday. BNDES, through its equity arm BNDESPar, holds a 20.36 percent stake in JBS and held veto power over the plan. Under the proposed reorganisation, JBS intended to contribute all of its assets except its Brazilian beef business to a new holding company…

Source: Beef Central
JBS shelves plans for US stock market float