JBS S.A., the world’s largest beef processor, is once again moving forward with a planned reorganization, announcing Dec. 6 that its board of directors unanimously approved the filing of a registration statement with the U.S. Securities & Exchange Commission for its JBS Foods International B.V. subsidiary, in connection with its plan to conduct an initial public offering (IPO) on the New York Stock Exchange for its Class A common shares.

The company had previously announced Oct. 26 that it was canceling a proposed reorganization to spin off its international businesses into the new company after Brazil’s national bank — Banco Nacional de Desenvolvimento Econômico e Social (BNDES), which holds a 20.36% stake in JBS via its equity arm BNDESPar — exercised its veto power through the shareholder agreement.

In the most recent announcement, JBS Foods International said it has its official seat and registered office address in the Netherlands, where it will house all of the international businesses of JBS plus Seara. JBS S.A. will continue to manage and control the Brazilian beef business and related activities, including leather processing.

Wesley Mendonça Batista will be the chairman, a non-executive director, of JBS Foods International. The board of directors will be composed of nine members, the majority of whom will be independent. Gilberto Tomazoni, who has held senior executive positions at JBS for the past four years, will be the chief executive officer, while Russ Colaco will be the chief financial officer.

The company said it believes the revised structure and proposed IPO reflect its global production platform, product portfolio and broad international customer base.

The completion of the IPO is expected during the first half of 2017. The timing, number of Class A common shares and price of the proposed offering have not yet been determined.