JBS Makes Landfall on Wall Street: Is This a Covenant or Just a Flood?

Lock and Load: JBS Lands on Wall Street

Alright Spartans listen up. JBS this company that sounds like a Covenant battlecruiser has officially touched down on the New York Stock Exchange. Initial reports suggest its opening trade was $13.65 per share valuing the company at roughly $30 billion surpassing Tyson Foods. They're trading under the ticker 'JBS.' One small step for meat one giant leap for meat kind... or something like that. I've seen worse odds on Installation 04.

From Sao Paolo to the Big Apple: A Dual Listing Operation

Apparently they had some scheduling issues. Their Wall Street debut was delayed but they managed to get here anyway. The company said it couldn't conclude certain operational procedures in time to debut on Thursday. According to reports their stock was delisted from the Sao Paolo Exchange in Brazil a week ago as part of the dual listing plan. Let's just hope this isn't another Halo ring situation where things go sideways. We don't want another outbreak do we?

A Giant Awakens: Meatpacking Edition

Since its founding more than seven decades ago JBS has grown to become the world's largest meatpacking company. JBS reported net revenue of $77.2 billion and net income of $2 billion according to regulatory filings. They operate worldwide with divisions in Brazil the U.S. and Australia. They also own over 80% of Pilgrim's Pride. That's a lot of chicken nuggets. Makes you wonder if the Flood would be less hungry if they had access to a good protein source. Just a thought.

History Repeats Itself: A Long and Winding Road

This U.S. listing has been 15 years in the making since 2009. But months later the Brazilian government began investigating corruption in the meatpacking company. You know sometimes I wonder if the UNSC is the only organization with questionable ethics. J & F Investimentos paid a $3.2 billion fine in 2017 to settle bribery charges. Former chair Joesley Batista and his older brother CEO Wesley Batista the company's top shareholders and the sons of its founder managed to avoid prison sentences by cooperating with prosecutors. They came back to the company's board last year after being acquitted of insider trading charges. Huh guess they got lucky. Or maybe they know something we don't.

Controversy Alert: More Than Just Beef

The Brazilian government fined JBS for buying cattle that were allegedly illegally raised in protected land in the Amazon. Their history of corruption and bribery allegations led to opposition to its U.S. listing from lawmakers. You know I've fought wars for less. Then after President Donald Trump 's reelection JBS's subsidiary Pilgrim's Pride donated $5 million to his inaugration committee making it the single largest donor. JBS shareholders approved the move by a narrow margin. Someone needs to keep an eye on these guys.

Mission Accomplished... For Now?

So JBS is on the NYSE. They've weathered storms that would make even a Spartan II sweat. But remember Spartans 'finishing the fight' doesn't always mean blowing something up. Sometimes it means watching waiting and making sure the universe doesn't get any more surprises. Keep your eyes open and your weapons ready. You never know when the Flood might show up.