Climate complaints, delays, lawsuits threaten Brazilian meat giant JBS’s planned IPO

NYSE listing postponed until at least the end of the year amid greenwashing claims.

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Cowboys drive cattle near Poconé, Mato Grosso, Brazil. Photo: Bernard DUPONT/flickr.

(Michael Molinski is a senior economist at Trendline Economics. He’s worked for Fidelity, Charles Schwab and Wells Fargo, and previously as a foreign correspondent and editor for Bloomberg News and MarketWatch.) 

SÃO PAULO, Brazil (Callaway Climate Insights) — Efforts by JBS, the world’s largest meatpacking company, to list its shares in the U.S. hit more snags this month as lawsuits by New York State and an industry-led consortium of advertisers prompted the company to delay its IPO until the end of this year.

JBS has been accused of greenwashing its products, corruption, and hiding its involvement in the deforestation of the Amazon in an effort not just to sell its products but also to appeal to investors to help it launch its initial public offering. The Sao Paulo-based company announced plans for the IPO last year.