JBS Brazilian Meat Company becomes public domain in the US

Shares of the Brazilian meat giant Jbs Rose during their debut on the US public market on Friday.

The introductory trade of $ 13.65 per share estimates the company of approximately $ 30 billion, exceeding a competitor Tyson foods Market cap of about $ 19.82 billion. The shares closed to $ 13.87, a slight profit for the day.

JBS is now trading on the New York Stock Exchange under the “JBS” ticker, a day later than initially expected. The company said on Thursday it could not complete certain operational procedures to debut on Thursday. His shares were detached from the Sao Paolo stock exchange in Brazil a week ago as part of a double list plan.

Since its founding more than seven decades ago, JBS has grown to become the world’s largest meat company. Last year, the company reported net revenues of $ 77.2 billion and a net income of $ 2 billion, according to regulatory documents.

JBS runs a scattered business worldwide, with significant units in Brazil, the US and Australia. The company also owns more than 80% of The pride of the worshiperThe American poultry giant.

The US list of JBS has been more than 15 years in creation. The company’s US subsidiary first announced plans to publish in 2009, but this move has never been realized After two deposits. Then, at the end of 2016, the company said it would have an initial public offering of the United States as part of a broader reorganization strategy. But months later, the Brazilian government has begun to investigate corruption in the meat company -including JBS and its best leaders.

J&F Investimentos, the Holding Company, which owns a control partition in JBS, pay a fine of $ 3.2 billion In 2017 to settle bribe fees. Former chairman Josley Batista and his executive director of his bigger brother Wesley Batista, the best shareholders of the company and the sons of his founder, have managed to avoid prison sentences by collaborating with prosecutors. Thehe Batistas and J&F settled With the US Securities and Exchange Commission in 2020 for approximately $ 27 million.

The Batists came out of J&F as a result of the scandal. However, they returned to the company last year after being justified by the internal information trading fees.

Most recently, in October, the Brazilian government fines JBS to buy cattle that have been illegally raised in a protected land in the Amazon.

The history of corruption and bribery of the company has led to opposed his list in the United States From the legislators on both sides of the path, which makes it unlikely that regulators will give their approval.

After president Donald TrumpRe -election, a subsidiary of JBS Pilgrim Pilgrim donate $ 5 million to his opening committee, which makes it the largest donor. In a statement to CNBC at that time, the company said it had a “long bilateral history participating in the civil process” and eagerly awaits the new administration.

SEC approved JBS’s request for the New York Stock Exchange list in April. JBS shareholders approved the course with a narrow margin next month.