Brazil's JBS soars as it moves closer to U.S. listing

ReutersMar 18, 2025 1:54 PM

Shares in Brazilian meatpacker JBS JBSS3.SA jump after it inched a step closer to a U.S. listing

JBS said Monday its second-largest shareholder, government investment vehicle BNDESPar, agreed to abstain from voting at an upcoming meeting to discuss a proposed dual listing

The move would leave the final decision to other minority shareholders

JBS soars more than 14.5% on the news, making it the biggest gainer on Brazil's benchmark stock index Bovespa .BVSP, which is flat

Analysts at JPMorgan say that as per their conversations with investors, the company should not have major trouble approving the listing with the BNDES out of the voting

"We see this as a key positive news for the company, as it ensures the removal of a major overhang to the name," JPMorgan adds

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