JBS Jumps Most in Five Years as It Moves Closer to US Listing

Shares of Brazil’s JBS SA jumped the most in five years as the company moves closer to a long-awaited share listing in New York after a deal with its second-biggest shareholder.

The equity holding arm of Brazil’s state-owned lender BNDES, which owns almost 21% of JBS, will refrain from voting on the plan at the company’s upcoming board meeting, removing the biggest hurdle for JBS’s listing, according to a regulatory filing. The deal was reached with J&F Investimentos SA, which controls the world’s largest meat producer.