JBS moves closer to New York listing

The company has struck a deal with its second-biggest shareholder. — Reuters

SAO PAULO: Brazil’s JBS SA is moving closer to a long-awaited share listing in New York after a deal with its second-biggest shareholder.

The equity holding arm of Brazil’s state-owned lender BNDES, which owns almost 21% of JBS, will refrain from voting on the plan at the company’s upcoming board meeting, clearing the biggest hurdle for JBS’s listing, according to a regulatory filing.