JBS, the world’s largest meat processor, is entering the final phase of its long-planned dual listing, with its shares set to begin trading on the New York Stock Exchange (NYSE) on June 12, 2025. The move marks a significant shift for the Brazilian-based meat giant as it seeks to expand its access to global capital and align its structure with its international operations.
Currently listed on the São Paulo Stock Exchange (B3), JBS will conclude trading of its existing shares on June 6. On June 9, a newly formed Dutch-based entity, JBS N.V., will begin trading on the B3 through Brazilian Depositary Receipts (BDRs). Just days later, the same entity will list on the NYSE under the ticker “JBS.”
Shareholder Approval and Structure
The dual listing received final approval from JBS minority shareholders in a vote held May 23 in São Paulo. Notably, the company’s two largest shareholders—J&F Investimentos and BNDESPar—abstained from voting. According to Reuters, early voting had shown narrow opposition, with 52% of initial votes against the move.
The listing involves a dual-class share structure: Class A shares (publicly traded) and Class B shares (with tenfold voting rights). This structure has drawn criticism from shareholder advisory firms, such as ISS and Glass Lewis, for potentially consolidating control among a few stakeholders, possibly up to 85%.
Strategic Intent
JBS says the dual listing is designed to increase transparency, strengthen its governance, and attract a broader base of international investors. The move also positions the company to compete more effectively with other global protein companies listed on U.S. exchanges.
Founded in Brazil in the 1950s, JBS now operates over 250 production facilities across 17 countries and sells into more than 180 markets. Its global workforce exceeds 280,000 employees.
U.S. Labor Agreement
Coinciding with the shareholder vote, JBS also finalized a new national labor agreement with the United Food and Commercial Workers International Union (UFCW), covering 26,000 workers across 14 U.S. plants. The contract includes retroactive pay, wage increases, ratification bonuses, paid sick leave, and the creation of a JBS-supported pension plan. The company labeled the deal a “historic agreement” focused on improving worker futures.
Industry Implications
For the global pork sector, JBS’s NYSE listing could open doors to increased investment in supply chain infrastructure, biosecurity, sustainability, and production technologies. As a major player in swine and other protein segments, JBS’s financial moves could influence capital allocation and competition across the pork value chain.
However, environmental and governance concerns persist. Advocacy groups and some U.S. lawmakers have criticized JBS’s track record on deforestation and political contributions, raising broader ESG questions as the company seeks deeper roots in U.S. financial markets.