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Title : Embraer Takes Boeing to Arbitration Over Failed Deal
link : Embraer Takes Boeing to Arbitration Over Failed Deal

Embraer Takes Boeing to Arbitration Over Failed Deal

SAO PAULO --- Brazil’s Embraer SA on Monday said it had begun an arbitration process against Boeing Co, after the U.S. planemaker abruptly canceled a $4.2 billion deal over the weekend that was years in the making.

Embraer shares fell as much as 16% in Sao Paulo to a more than 8-year low on news of the cancellation, suggesting investors had hoped until the last minute that the takeover agreement would not fall apart.

The sudden collapse, triggered by a deadline that Boeing refused to extend, drew an irate response from Embraer on Saturday.

First trading day after @Boeing terminated @embraer JV, $ERJ lost $63m in market cap. $BA lost $165m in market cap.

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Dow Jones was up 358 pts (1.51%). FWIW.

— Scott Hamilton (@LeehamNews) April 27, 2020
But on Monday, when Embraer executives hosted a call with analysts, the angry rhetoric was largely absent. Embraer is in a delicate situation, having bet the future of the company on Boeing only to find itself now in isolation and without a Plan B, all while the coronavirus crisis ravages the travel industry. (end of excerpt)

Click here for the full story, on the Reuters website.

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