JBS Foods International

JBS Foods International engages in the food business internationally. It is a "controlled company" in SEC parlance. JBSFI operates through four segments: Beef, Pork, Poultry, and Other. It offers fresh and processed beef, lamb, sheep, pork, and chicken. JBSFI is the largest leather processor in the world.[3] It also processes collagen, biodiesel fuel, hygiene and cleaning products, and is involved in metal packaging, carriers, waste management, casings, and trading activities, as well as provides prepared food products.

JBS Foods International B.V.
NYSE: JBS (intended)
IndustryFood processing
Founded2016
Headquarters
Amstelveen
,
Netherlands[1]
Number of locations
Amstelveen[2]
New York City
São Paulo
Area served
Worldwide
Key people
Joesley Batista, Wesley Batista, Gilberto Tomazoni
ProductsFood and beverages
ParentJBS S.A.

Prior regulatory filings

On 5 August 2016 it was intended to be registered in the Republic of Ireland as JBS Foods International Designated Activity Company, for its SEC IPO filing to permit it to be traded on the American NYSE market.[3] It was also intended to trade on the São Paulo Stock Exchange under a Brazilian Depositary Receipt program it was to operate.[3] In August 2016, JBS Foods International said that it intended to be a tax resident in Britain, and that for its IPO it intended to pursue a six-step process.[3]

On 16 November 2016, the DAC withdrew its IPO paperwork with the SEC.[4]

It substituted for its IPO on 6 December 2016 a Dutch operation called JBS Foods International B.V.[4]

Planned IPO and Investigations

In December 2016, JBS S.A. announced a re-organization plan, part of which involved planning an initial public offer in the United States for its international operations. The intended IPO is expected to be performed through the vehicle company JBS Foods International, because JBS S.A., J&F Investimentos and other companies of the group are involved in 6 different operations from the Brazilian Federal Police, including Operation Car Wash, Bullish, Greenfield, Carne Fraca and Cui Bono.

JBS S.A.'s main shareholders, Joesley Batista and Wesley Batista collaborated with the Brazilian police as whistle-blowers[5] for Operation Car Wash, where they confessed to over 12 years of crimes,[6] including bribery, active corruption, insider trading, and many other, which helped the JBS group to grow above the market after a series of acquisitions in part funded by loans from banks controlled by the state of Brazil.

Despite the active corruption scandals performed by the Batista brothers, Joesley Batista made it clear that the IPO was not going to be canceled.[7]

After the testimonies provided by the Bastista brothers, Brazil's securities regulator launched four new probes against meatpacker JBS S.A. and other companies controlled by J&F Investimentos on May 19, 2017 to investigate suspicious trades made before markets were rattled by the revelation of a plea deal by the company's top executives.[8]

See also

References
  1. Drimble. "JBS Foods International B.V." (in Dutch). Retrieved 14 March 2018.
  2. O Estado de S. Paulo. "JBS anuncia abertura de capital da JBS Foods International nos EUA" (in Portuguese). Retrieved 14 March 2018.
  3. "Form F-1 REGISTRATION STATEMENT - JBS Foods International Designated Activity Company". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 5 August 2016.
  4. "Form F-1 REGISTRATION STATEMENT - JBS Foods International B.V." UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 6 December 2016.
  5. Chairman of JBS USA’s parent admits illegal payments to 3 Brazilian presidents
  6. Brazil Securities Regulator Opens Two New Investigations Against JBS
  7. Brazil’s JBS Says Legal Issues May Delay IPO of International Unit
  8. Brazil watchdog opens new probes into JBS-related insider trading
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