Brazil’s Embraer says Boeing ‘wrongfully terminated’ deal for $4 billion tie-up
An Embraer E195 jet airliner on display at the 2019 Paris Air Show opened at Le Bourget Airport.
Marina Lystseva | TASS | Getty Images
Brazilian aircraft manufacturer Embraer said Saturday that Boeing “wrongfully terminated” a deal for a $4.2 billion tie-up, an ugly turn that comes as both companies face a dismal market for commercial jets amid the coronavirus pandemic.
Boeing earlier on Saturday said it ended talks that would have given the Chicago-based aerospace giant an 80% stake in Embraer’s commercial jet unit. Boeing said Embraer did not satisfy conditions under the agreement, which expired late Friday, but the Chicago-based company declined to go into specifics.
“It is deeply disappointing. But we have reached a point where continued negotiation within the framework of the [merger transaction agreement] is not going to resolve the outstanding issues,” said Marc Allen, president of the Embraer …continued .
[Source: CNBC News]