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JBS revives plan to list stocks in the U.S.

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Beef giant JBS reactivated plans to list stocks in the American market - the term may be longer than expected, but the proposal will be more ambitious. Instead of listing just part of the business, the company considers listing the entire operation.

With reason, the topic of listing abroad has been mandatory for analysts and investors since 2016. The business generates 80% of its cash in the United States and the opportunity to unlock value on an American exchange, trading multiples comparable to international peers, is seductive.The project has had several setbacks but has never left the company's future plans. In November, CEO Gilberto Tomazoni signaled that the listing could take place in 2021. CFO Guilherme Cavalcanti says that the company will review the structure of the operation. "As our results got stronger, I have the flexibility to think about structures that create more value. I don't need to do this on the run," he says.

Without urgency and need to raise funds, JBS is free to revise the format. In the latest version of the project, which was never released, only the beef business would be listed in Brazil, taking Seara and the rest of the more profitable international operations to an entity based in the Netherlands or Luxembourg.

Mr. Cavalcanti does not give details about the plans, or if indeed the Brazilian beef business will...

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