<SEC-DOCUMENT>0000950123-23-003405.txt : 20250819
<SEC-HEADER>0000950123-23-003405.hdr.sgml : 20250819
<ACCEPTANCE-DATETIME>20230425214228
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-23-003405
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JBS B.V.
		CENTRAL INDEX KEY:			0001791942
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			P7

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		STROOMBAAN 16
		STREET 2:		5E VERDIEPING
		CITY:			AMSTELVEEN
		PROVINCE COUNTRY:   	P7
		BUSINESS PHONE:		31206564700

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		STROOMBAAN 16
		STREET 2:		5E VERDIEPING
		CITY:			AMSTELVEEN
		PROVINCE COUNTRY:   	P7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JBS B.V.
		DATE OF NAME CHANGE:	20221121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Swift Foods B.V.
		DATE OF NAME CHANGE:	20200203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Violet Holdings B.V.
		DATE OF NAME CHANGE:	20191022
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;25, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY
EDGAR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Beverly Singleton </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Claire Erlanger </P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jennifer Angelini </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Geoffrey Kruczek </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Comment Letter dated April&nbsp;11, 2023 </P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">JBS B.V. </P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amendment No.&nbsp;4 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-4</FONT>
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Submitted March&nbsp;30, 2023 </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">CIK No.&nbsp;001791942 </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">JBS B.V. (the
&#147;<U>Company</U>&#148;) is submitting this letter in response to the comment letter dated April&nbsp;11, 2023 (the &#147;<U>Comment Letter</U>&#148;) issued by the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of
the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) with respect to Amendment No.&nbsp;4 to the Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-4</FONT> submitted to the Commission for confidential
review on March&nbsp;30, 2023 (the &#147;<U>Draft Registration Statement</U>&#148; and, as may be further amended, the &#147;<U>Registration Statement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the submission of this response letter, the Company is confidentially submitting, through the Commission&#146;s Electronic
Data Gathering, Analysis and Retrieval system (&#147;<U>EDGAR</U>&#148;), Amendment No.&nbsp;5 to the Draft Registration Statement (&#147;<U>Amendment No.</U><U></U><U>&nbsp;5</U>&#148;). Amendment No.&nbsp;5 includes revised disclosure in response
to the Staff&#146;s comments, as noted herein, and other changes to reflect updates and developments in the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To facilitate the
Staff&#146;s review, the text set forth below in bold-faced type, immediately following each paragraph number, is a reproduction of the comments included in the Comment Letter. Except as otherwise indicated, all references to page numbers and
captions (other than those in the Staff&#146;s comments) correspond to the page numbers and captions in Amendment No.&nbsp;5. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in Amendment No.&nbsp;5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;4 to Draft Registration Statement </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise disclosure throughout regarding the controlling shareholders&#146; ownership of Class&nbsp;B
shares, to clearly state that they will own 100% (and exercise 90.52% voting power) upon completion of the transactions, and that this ownership and voting power will be reduced only if and to the extent that Class&nbsp;A shareholders successfully
undertake conversions during the conversion period and do not reconvert to Class&nbsp;A shares thereafter. For example, we note disclosure that, assuming the ownership structure of JBS S.A. on the Last Trading Day is the same as on March&nbsp;15,
2023, the </B></P></TD></TR></TABLE>
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controlling shareholders will hold between 48.83% and 100% of the Class&nbsp;B shares, notwithstanding that the Last Trading Day precedes the Conversion Period according to the timeline on page
iii. In addition, please revise disclosure indicating that Class&nbsp;B shares will remain convertible into Class&nbsp;A shares to also refer to the conversion shares and the process related thereto. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on the cover page and on pages xvii, xviii, xxiv,
xxvi, 1, 8, 17, 23, 41, 61-62, 65, 68, 76, 168 and 185 of Amendment No.&nbsp;5 in response. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note disclosure in the notes to the beneficial ownership tables that you expect to deliver Class&nbsp;A
shares to certain members of your senior management in connection with the proposed transaction or immediately thereafter. Please describe this expected delivery of shares more fully in an appropriate section of the registration statement, including
disclosure as whether these shares constitute compensation. In addition, please revise as appropriate your disclosure indicating that the current shareholders will retain the same economic interest following the restructuring in light of this
expected delivery. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure in
the Explanatory Note, on the cover page and on pages xiii, xvii, xviii, xxiv, 10, 58, 61, 62, 68, 75, 168, 173, 174, 178 and 245 of Amendment No.&nbsp;5 in response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors, page 17 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please add risk factor disclosure relating to the conversion of Class&nbsp;A shares into Class&nbsp;B
shares. Clearly indicate that this is a <FONT STYLE="white-space:nowrap">one-time</FONT> process, open solely to BDR holders of record on a given date and for a limited period of time, and highlight the difficulties involved in successfully
completing the conversion process. Assess the likelihood of initial conversions and subsequent reconversions, given that Class&nbsp;B shares will not be listed on an exchange, and disclose the resulting impact on voting control by the controlling
shareholders. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and, in response, has enhanced the risk
factor disclosure under &#147;<I>Risk Factors&#151;Risks Relating to the Proposed Transaction, the JBS N.V. Common Shares and the JBS N.V. BDRs&#151;You may experience delays or be unable to timely request the conversion of your JBS N.V.
Class</I><I></I><I>&nbsp;A Common Shares during the Class</I><I></I><I>&nbsp;A Conversion Period</I>&#148; on page 23 of Amendment No.&nbsp;5 and included a new risk factor entitled &#147;<I>Following the completion of the Proposed Transaction and
the Class</I><I></I><I>&nbsp;A Conversion Period, our controlling shareholders&#146; aggregate voting power in JBS N.V. may increase significantly</I>&#148; on page 23 of Amendment No.&nbsp;5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The grant of registration rights to LuxCo may adversely affect the market price . . . . , page 19 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please expand your risk factor disclosure to describe LuxCo&#146;s right to include Class&nbsp;A shares in
any underwritten offering by JBS N.V., as disclosed on page 171, and to assess the related risks. In addition, please expand your disclosure in the related party transactions section to fully describe the material terms of the registration rights
agreement. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages
19-20, 174-175 and 178-179 of Amendment No.&nbsp;5 in response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our ultimate controlling shareholders are expected to have influence . . . . , page
40 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that &#147;we expect that, upon completion of the Proposed Transaction and the
Conversion, our controlling shareholders will indirectly own up to 100% of the outstanding JBS N.V. Class&nbsp;B Common Shares,&#148; and &#147;our ultimate controlling shareholders will effectively control all matters requiring shareholder
approval.&#148; Please revise to more clearly reflect the contingent nature of such ownership and control, in light of the initial conversion process and possible subsequent reconversion. </B></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the
disclosure on pages 40-41 of Amendment No.&nbsp;5 in response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Global Protein Industry, page 118 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please update your disclosure regarding Brazil&#146;s suspension of beef exports to China in 2021 to reflect
the recent suspension in 2023. Additionally revise the risk factor disclosure relating to mad cow disease on page 33 to describe the related risks to the company. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 34-35 and 120 of Amendment No.&nbsp;5 in
response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We appreciate in advance your time and attention to our responses. Should you have any additional questions
or concerns, please contact John R. Vetterli of White&nbsp;&amp; Case LLP at (212) <FONT STYLE="white-space:nowrap">819-8816</FONT> or at jvetterli@whitecase.com Karen Katri of White&nbsp;&amp; Case LLP at (305)
<FONT STYLE="white-space:nowrap">925-4788</FONT> or at karen.katri@whitecase.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gilberto Tomazoni</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gilberto Tomazoni</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">JBS B.V.</P></TD></TR>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Guilherme Cavalcanti, Chief Financial Officer </P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>&nbsp;&nbsp;&nbsp;&nbsp;JBS B.V.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Donald E. Baker, Esq. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">John R. Vetterli, Esq.&nbsp;&nbsp;&nbsp;&nbsp; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Karen Katri, Esq. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;<I>White&nbsp;&amp; Case LLP</I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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