Boeing-Embraer merger going ahead after Bolsonaro approval

13 Janvier, 2019, 03:00 | Auteur: Auguste Feret
  • Embraer E190-E2

The government's approval of the deal covering Embraer's commercial aircraft and services operations comes after the two companies last month approved terms for the joint venture. This JV will be 80%-owned by Boeing, for which the U.S. group will be paying $4.2-billion (reportedly some 10% higher than its original offer), and 20% by Embraer.

However, in order for the partnership to be effective, it will still take several steps. The government holds a so-called "golden share" in Embraer, a private company, that allows it to veto important business decisions. After receiving the Brazilian government's approval, Boeing will now await a vote from Embraer's board of directors. Finally, the partnership will be submitted to the shareholders and will require the approval of the regulatory agencies of Brazil and the United States.

"Assuming the approvals are received in a timely manner, the transaction is meant to close by the end of 2019", Boeing said in a statement.

The terms of the partnership companies agreed in December past year. In December, a Brazilian court made a preliminary decision to suspend the creation of an alliance between Boeing and Embraer.

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It estimated there would be annual pre-tax cost synergies of approximately $US150 million by the third year of operations. Boeing would have operational and management control of the new company, which would report directly to Boeing CEO Dennis Muilenburg.

A second joint venture between the companies would promote and develop new markets for the multimission medium airlift KC-390.

Shortly after assuming the presidency on January 1, Bolsonaro, a former army captain, had expressed concern that Boeing might end up owning all of Embraer if the deal was approved under the terms proposed.

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