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The state alleged JBS misled the public about reducing the impact of its operations on the environment. JBS said the settlement “does not reflect an admission of wrongdoing.”

Tyson Foods, JBS and Cargill have leaned on poultry profits to cushion losses at their beef businesses, which have been impacted by the worst U.S. cattle shortage in decades.

The smallest U.S. cattle herd in decades is taking a big toll on profit at JBS NV, driving deepening losses at its largest operation.

U.S. ranchers are moving to expand their herds from a seven-decade low, paving the way for a long-awaited recovery in beef supplies, according to top producer JBS.

The Brazilian company is expected to price a three-part offering of debt due in 10, 30 and 40 years on June 23, according to a person with direct knowledge of the matter.

Brazilian meat giant JBS expects its shares to begin trading June 13 on the New York Stock Exchange.

The Brazilian company’s reorganization plan that has been years in the making received the votes it needed from minority shareholders at a meeting in Sao Paulo, JBS said in a filing.

Shareholders in Brazil’s JBS, which has beef, chicken and pork operations stretching from Colorado to New Zealand, will meet on May 23 to vote on the plan to sell shares in New York.

JBS SA said quarterly profit rose more than expected, with chicken making up for the bulk of the increase as the world’s largest meat supplier faces deepening losses at its U.S. beef business.

JBS SA, the world’s largest meatpacker, posted earnings that beat expectations as strong demand for chicken and pork helped offset pressure in its U.S. beef business.