Embraer/Boeing: Bolsonaro champions changes in terms of merger agreement (translated)
04 JAN 2019
Brazil’s President Jair Bolsonaro has championed changes to the terms of the business combination between Brazil-based Embraer [NYSE:ERJ] and Chicago, Illinois-based peer Boeing [NYSE:BA], Valor Econômico reported.
The president was cited in the Portuguese-language item as saying that the merger is necessary and would be a positive accomplishment. However, Bolsonaro added that “everything” should not be transferred to the “other side” in five years, since Embraer is Brazil’s legacy.
Under the terms of Embraer and Boeing’s business combination, their joint venture (JV) will comprise the commercial aircraft and services operations of Embraer, in which Boeing will hold an 80% stake and Embraer the remaining 20%, as reported. Boeing has agreed to pay USD 4.2bn for its stake in the JV.
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