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JBS, the world’s largest meatpacking company, is seeking to join the New York Stock Exchange.
But the Brazilian giant’s application has drawn opposition from lawmakers and environmentalists over its links to deforestation in the Amazon rainforest, the Associated Press reported.
What’s happening?
In July, JBS applied to be listed on the NYSE. In recent weeks, lawmakers from the U.S. and U.K. have sent cautionary letters to the Securities and Exchange Commission, which oversees the exchange.
Though getting listed would boost JBS’s credibility and access to capital, critics argue this would enable the company to cause even more environmental harm. Audits show JBS has purchased thousands of illegally raised cattle annually in the Amazon, where livestock ranching drives two-thirds of deforestation, according to
