Shares of meatpacking giant JBS begin trading on the NYSE

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Shares of Brazilian nutrient elephantine JBS began trading Friday connected the New York Stock Exchange, falling astir 3%

ByDEE-ANN DURBIN AP concern writer

Shares of Brazilian nutrient elephantine JBS fell astir 3% successful greeting trading arsenic they made their debut Friday connected the New York Stock Exchange.

Trading successful New York is simply a long-held extremity for JBS, which was founded 72 years agone and is present 1 of the world's largest nutrient companies. Half of its yearly gross comes from the U.S., wherever it has more than 72,000 employees. JBS is America’s apical beef shaper and its second-largest shaper of poultry and pork.

JBS's number shareholders voted past period to o.k. the company's program to database its shares some successful Sao Paulo and New York, casting speech absorption from biology groups, U.S. lawmakers and others who noted JBS’ grounds of corruption, monopolistic behaviour and environmental destruction.

JBS said a dual listing would springiness it broader entree to investors and much competitory involvement rates, which would assistance it concern its growth. It has besides said a U.S. listing would taxable it to much oversight from regulators. The U.S. Securities and Exchange Commission approved JBS's planned listing past month.

Still, the projected listing has received important pushback. Earlier this week, Mighty Earth, an biology group, said it sent a missive to the NYSE committee urging it to diminution the listing. Mighty Earth contends that JBS is illegally profiting from deforested onshore successful Brazil.

Glass Lewis, an influential autarkic capitalist advisory firm, was besides among those recommending that JBS's shareholders cull the planned listing.

In its report, Glass Lewis said the caller instrumentality of brothers Joesley and Wesley Batista to the JBS committee should interest investors. The brothers, who are the sons of JBS’ founder, were concisely jailed successful Brazil successful 2017 connected bribery and corruption charges.

Glass Lewis besides objected to the company’s program for dual stock classes, which springiness the Batistas and different controlling shareholders much voting power.

JBS said the result showed shareholders were assured successful the benefits a dual listing would bring.