SAO PAULO (Reuters) – The controlling shareholder of Brazilian meatpacker JBS and government investment vehicle BNDESPar, its second largest shareholder, have inked a deal that puts the company closer to listing its shares in both the United States and Brazil.
In a securities filing released on Monday, JBS said BNDESPar agreed to “abstain” from voting at an upcoming meeting to discuss the proposed dual listing, leaving the final decision to other minority shareholders.
J&F Investimentos, a holding company run by the JBS’ founding Batista family and the company’s controlling shareholder, will not have a right to vote on the proposal at the JBS shareholder meeting, said BNDESPar, the investment arm of Brazil’s state development bank BNDES, in a separate statement confirming the arrangement.
(Reporting by Ana Mano and Roberto Samora; Editing by David Alire Garcia)
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