SAO PAULO, May 23 (Reuters) -
Brazilian meatpacker JBS on Friday secured
shareholder support to move ahead with a long-planned dual
listing of shares in both the United States and Brazil, it said
in a securities filing.
At a shareholder assembly, the company's listing plan
was approved by the votes from minority shareholders, cast both
remotely and in person voting.
On Thursday, the company said a
preliminary count
showed about 52% of remote votes were against the plan,
raising doubts about its chances.
Analysts and proxy advisory firms had debated the merits
of the company's dual listing proposal.
Some touted the chance to bring its valuation in line
with international peers with a U.S. listing, but some advisory
firms warned that a new dual-class share structure was likely to
reduce the voting power of minority shareholders.