News

U.S. Senators very concerned about IPO plans for JBS

A bipartisan group of U.S. Senators has expressed deep concerns about the New York Stock Exchange IPO (Initial Public Offering) plans for Brazilian meat-packing giant JBS S.A. JBS is one of the four largest meat packers in the United States.

In a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, the group, led by U.S. Senator Cory Booker (D-NJ) says JBS poses risks to potential shareholders because of its track record of corruption, human rights abuses, monopolization of the meatpacking market, and environmental risks.  The group is urging the SEC to protect the integrity of U.S. capital markets and the legal rights of U.S. investors. 

Competition goes beyond the SEC’s purview, but the group is asking the Commission to consider how improper access to U.S. capital markets for JBS might strengthen its market position, and adversely impact U.S. farmers and ranchers.

The Senators also expressed concerns that the company’s cattle-sourcing practices contribute to deforestation in the Amazon.

Earlier this year JBS revived its more than decade-long effort to list its shares on the New York Stock Exchange. 

The letter was signed by Senators Cory Booker (D-NJ), Marco Rubio (R-FL, Sherrod Brown (D-OH), Josh Hawley (R-MO), Jon Tester (D-MT), John Barrasso (D-WY), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Peter Welch (D- VT), John Fetterman (D-PA), Elizabeth Warren (D-MA), Robert Menedez (D-NJ), Christopher Murphy (D-MD), Bernie Sanders (I-VT)