Boeing pulls out of $4.2b-deal
April 24 deadline for closing had been baked into the deal since early last year
The logo of US aircraft manufacturer Boeing. PHOTO: AFP
SAO PAULO/PARIS:
Boeing Co on Saturday said it had cancelled a $4.2 billion deal to buy the commercial jets division of Embraer, unravelling years of work on what the Brazilian plane maker expected to be a transformative move.
Boeing said in the statement that Embraer had failed to meet certain conditions for the deal to go through, although it did not specify which ones. The April 24 deadline for closing had been baked into the deal since early last year, but antitrust hiccups had forced the two companies to try to work out a new deadline. Embraer declined to comment.
Published in The Express Tribune, April 26th, 2020.
Boeing Co on Saturday said it had cancelled a $4.2 billion deal to buy the commercial jets division of Embraer, unravelling years of work on what the Brazilian plane maker expected to be a transformative move.
Boeing said in the statement that Embraer had failed to meet certain conditions for the deal to go through, although it did not specify which ones. The April 24 deadline for closing had been baked into the deal since early last year, but antitrust hiccups had forced the two companies to try to work out a new deadline. Embraer declined to comment.
Published in The Express Tribune, April 26th, 2020.