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Title : Brazil Court Blocks Embraer-Boeing Deal
link : Brazil Court Blocks Embraer-Boeing Deal

Brazil Court Blocks Embraer-Boeing Deal

Embraer-Boeing Aviation Deal Blocked by Brazilian Court (excerpt)

(Source: Reuters; published Dec 06, 2018)

By Ricardo Brito, Marcelo Rochabrun

BRASILIA --- A Brazilian federal court on Thursday granted an injunction blocking the proposed tie-up between U.S. plane-maker Boeing Co and Embraer SA, a deal the Brazilian company says is crucial to its survival.

Embraer shares in Sao Paulo closed 2.42 percent lower, although it remained too early to say whether the injunction will actually block or significantly affect the deal. Labor groups in Brazil often bring court challenges against significant business deals and the injunction could be reversed.

The decision forbids Embraer’s board of directors from signing the deal to create a joint venture on commercial aviation that Boeing would control. Boeing declined to comment and Embraer did not immediately reply to a request for comment.

The legal action was brought by four congressmen with Brazil’s left-wing Workers Party.

The companies announced in July that Embraer would sell 80 percent of its commercial aviation business to Boeing in a deal valuing that segment at $4.75 billion. Embraer, among the world’s largest makers of mid-sized planes of up to 150 passengers, used to compete in that segment with Canada’s Bombardier Inc. (end of excerpt)

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href="https://www.reuters.com/article/us-embraer-m-a-boeing/brazil-court-issues-order-blocking-proposed-embraer-boeing-tie-up-idUSKBN1O52BQ" target="_blank">here for the full story, on the Reuters website.

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Boeing Deal, “Crucial to Embraer Survival,” In Doubt (excerpt)

(Source: Leeham News; posted Dec 06, 2018)

In a stunning piece of news, a Brazilian court blocked the proposed joint venture between Boeing and Embraer.

If the action holds, this is a major blow to Boeing’s future plans.

The new joint venture, which LNC dubs NewCo for the lack of a name, was to be responsible for all future Boeing aircraft of 150 seats and below, according to a Memorandum of Understanding revealed by Embraer’s labor unions.

This is critical to Boeing’s long-term future for the 2030 decade. (end of excerpt)

Click here for the full story, on the Leeham News website.

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