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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

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Brazil association takes fight against Embraer-Boeing deal to Europe

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12/05/2019 | 05:50pm EST
FILE PHOTO: A pilot sits in a cockpit of the Embraer E-195 E2 jet airliner at the MAKS 2019 air show in Zhukovsky, outside Moscow

An association representing minority investors in Brazil is lobbying European antitrust regulators to spike a deal between planemakers Embraer SA and Boeing Co, calling it a killer acquisition.

Aurelio Valporto, the head of minority investor association Abradin, said the European Commission should block Boeing's proposed $4.2 billion purchase of 80% Embraer's commercial passenger jet division or demand hefty concessions.

"What will be left from Embraer won't survive, and even if it was possible to survive, Embraer wouldn't be able to produce any aircraft with 50 passengers or more," Valporto said in an interview late on Wednesday, arguing that Embraer and Boeing planes compete in the marketplace.

Embraer's commercial jet division focuses on the 70 to 150-seat segment, competing directly with the CSeries jets designed by Bombardier Inc , a division that was bought by Europe's Airbus SE.

Boeing aims to take control of Embraer's commercial jet business, its most profitable, to compete directly with Airbus in the market for planes with fewer than 150 seats.

Embraer said in a statement on Thursday that the deal will "serve the interests of shareholders by enabling Embraer to expand markets and increase sales." The deal was backed by around 97% of Embraer's shareholders earlier this year.

Valporto complained about the deal to the European Commission two months ago, saying it hurt competition in the Brazilian aerospace industry, and on Wednesday took his grievance to antitrust officials in Brasilia.

The deal has already been approved by regulators in the United States, China and Japan. If it closes, Embraer will receive dividends from its remaining 20% stake in the commercial jet business, but will have to rely more heavily on its business jets and defense divisions to turn a profit. Those two divisions have posted losses in recent quarters.

The European Commission, which launched a full-scale investigation into the deal in October, declined to comment.

Boeing said it and Embraer had been engaged with the European Commission and other global regulatory authorities since late last year.

"We continue to co-operate with the European Commission and CADE as they assess our transaction and look forward to a positive resolution," a spokesman for the company said.

The EU has voiced concerns the deal would remove Embraer, the world's third-largest commercial aircraft maker, from the industry, an indication that it may demand significant concessions from Boeing.

The EU regulator halted its investigation last month while waiting for Boeing to submit data on the deal.

By Foo Yun Chee

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -1.09% 136.4 Real-time Quote.5.69%
BOEING COMPANY (THE) -0.44% 322.61 Delayed Quote.-0.49%
BOMBARDIER INC. 1.64% 1.24 Delayed Quote.-41.97%
EMBRAER S.A. -0.82% 19.39 End-of-day quote.-1.12%
EURO / BRAZILIAN REAL (EUR/BRL) 0.22% 4.656 Delayed Quote.2.53%
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Financials (EUR)
Sales 2019 70 164 M
EBIT 2019 6 672 M
Net income 2019 4 383 M
Finance 2019 14 009 M
Yield 2019 1,51%
P/E ratio 2019 24,6x
P/E ratio 2020 19,8x
EV / Sales2019 1,34x
EV / Sales2020 1,23x
Capitalization 108 B
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Mean consensus BUY
Number of Analysts 24
Average target price 147,42  €
Last Close Price 137,90  €
Spread / Highest target 29,1%
Spread / Average Target 6,90%
Spread / Lowest Target -15,2%
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Managers
NameTitle
Guillaume Faury Chief Executive Officer
Denis Ranque Non-Executive Chairman
Michael Schöllhorn Chief Operating Officer
Dominik Asam Chief Financial Officer
Luc Hennekens Chief Information Officer
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