Reuters
1 min read
SAO PAULO (Reuters) -Brazilian meatpacker JBS on Friday secured shareholder support to move ahead with a long-planned dual listing of shares in both the United States and Brazil, it said in a securities filing.
At a shareholder assembly, the company's listing plan was approved by the votes from minority shareholders, cast both remotely and in person voting.
On Thursday, the company said a preliminary count showed about 52% of remote votes were against the plan, raising doubts about its chances.
Analysts and proxy advisory firms had debated the merits of the company's dual listing proposal.
Some touted the chance to bring its valuation in line with international peers with a U.S. listing, but some advisory firms warned that a new dual-class share structure was likely to reduce the voting power of minority shareholders.
(Reporting by Luciana Magalhaes; Editing by Gabriel Araujo and Brad Haynes)
