SÃO PAULO — The two largest shareholders of JBS S.A. — J&F Investimentos and BNDESPar — reached an agreement to abstain from voting at the upcoming general shareholders’ meeting to approve the meat company’s proposed dual listing. The minority shareholders will then decide whether to proceed with the dual listing or not.

As the parent company of JBS, J&F holds the largest stake of the Brazil-based processor. With a 20.8% share, BNDESPar is the second largest shareholder — a position that grants it differentiated representation in the company’s governance, JBS said in a securities filing.

The agreement, signed on March 14, will be valid through Dec. 31, 2026. If the dual listing is approved and the company’s share prices fail to reach a certain level, BNDESPar will receive up to 500 million reais ($88 million) as a protection. The securities filing did not disclose the price level agreed upon.

JBS first announced plans for the dual listing in July 2023, seeking shares on both the São Paulo Stock Exchange and the New York Stock Exchange.

The company’s move has been met with backlash from environmental groups as well as members of Congress.