Brazil has upheld proposals by Boeing Co to buy the jetmaking arm of Embraer , b...
), but plunging markets have raised urgent questions over the fate of the $4.2 billion deal as aviation reels from the coronavirus crisis.
A slump in Embraer shares and cash concerns at Boeing driven by the impact of the coronavirus on air travel dealt a blow to the deal’s fragile economics, however, compounding uncertainty caused by delays in winning European Union regulatory approval. Boeing has offered to pay $4.2 billion in cash for 80% of Embraer’s commercial unit, which builds jetliners in the 70- to 150-seat segment and competes with the Canadian-designed A220 programme recently acquired by Europe’s Airbus.
While Boeing could, analysts note, seek a lower price, pledges baked into the deal during months of sensitive negotiations leave Embraer’s shareholders little room for manoeuvre barring a sharp rebound. “They are going to Washington with their hands out for a bailout and then on the other hand looking at spending $4.2 billion to complete the deal,” Herbert said.
FILE PHOTO: E2-195 plane with Brazil's No. 3 airline Azul SA logo is seen during a launch event in Sao Jose dos Campos, Brazil September 12, 2019. REUTERS/Roosevelt Cassio
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