World's largest meat processor JBS calls off move to Ireland
Giant Brazilian meat processor JBS has scrapped its plans to move its international HQ to Ireland.
JBS, the world's largest beef exporter, announced today that it is cancelling a corporate reorganisation plan due to opposition from one of its major shareholders, the Brazil government's BNDESPar investment bank.
BNDES Participações SA, the investment arm of Brazil's state development bank BNDES, exercised its veto power over the plan by JBS to move its international division headquarters abroad, the company said in a statement.
Following the announcement JBS shares tumbled 14pc in early trading on the Sao Paulo stock exchange, after the company announced the cancellation of the plan.
In May, São Paulo-based JBS said it would create JBS Foods International, an Ireland-based company whose assets will encompass global operations.
The company processes beef, lamb, pork and chicken as well as leather. JBS had an annual turnover of around €45bn last year and the company has a presence in over 20 countries and exports to over 150 countries.