The world’s largest meat company moved one step closer this week to moving its headquarters to Dublin. On Wednesday, its bondholders gave their consent for the group’s global reorganisation plan.

In documents submitted to the US Securities and Exchange Commission, JBS will register a global division, called JBS Foods International in Dublin. However, the documents say that JBS will not be resident in Ireland for tax purposes but rather in the UK. While it is unclear, this may be to take advantage of a tax loophole for UK-domiciled but foreign-registered companies.

While Ireland provides a tax haven holding vehicle to JBS that is subject to Irish law, control and management will officially be in the UK and in reality in Brazil.

The move has raised eyebrows in the meat industry here as it places JBS on the doorstep of Europe and possibly on an acquisitions trail in Ireland. It is understood that none of the key Irish meat processors have been approached. Since listing on the Brazilian stock exchange in 2007, JBS has grown exponentially through acquisitions including Moy Park and Cargill’s pork business last year.

Last week, JBS reported a 19% drop in second-quarter earnings (EBITDA) to €830m as a result of tightened margins in its US beef and chicken operations. Its Moy Park business saw earnings increase more than 7% to €39m in the second quarter.