SAO PAULO (Reuters) – JBS SA (JBSS3.SA), the world’s largest meatpacking firm, remains intent on a stock market listing of subsidiary JBS Foods International BV in the United States despite corruption and food safety scandals, executives said on Thursday.
In April all of JBS operations will meet U.S. auditing and compliance requirements under the Sarbanes-Oxley Act, JBS management told analysts on a call to discuss fourth-quarter results, moving one step closer to an initial public offering (IPO) of the unit.
“It is the best option to unlock value,” JBS Chairman and Investor Relations Officer Jeremiah O’Callaghan said.
In October, the company pulled a planned $500 million U.S. IPO of JBS Foods International BV after the scandals in Brazil hurt investor interest in the deal.
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