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BOEING COMPANY (THE)

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Boeing : Brazil securities watchdog probes Embraer CFO over Boeing deal

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02/11/2019 | 07:35am EST
FILE PHOTO: The logo of Brazilian planemaker Embraer SA is seen at the company's headquarters in Sao Jose dos Campos

SAO PAULO (Reuters) - Brazil's securities regulator has launched an administrative probe into a top executive at jetmaker Embraer SA regarding an announcement about its proposed joint venture with Boeing Co, newspaper Valor Econômico reported on Monday.

The investigation of Nelson Krahenbuhl Salgado, the chief financial officer and investor relations director, will seek to establish whether Embraer disclosed incomplete information about the degree of influence over the joint venture in which it will own a 20 percent stake, according to the paper.

A CVM spokeswoman confirmed the existence of the probe and said the next step involves Salgado presenting his defense.

Embraer told Reuters in an emailed statement it has been regularly informing the market of all developments related to the joint venture and that it is open to answering any questions from market authorities.

In a filing in July laying out the basic terms of the agreement to form the joint venture, Embraer disclosed it had signed a preliminary, nonbinding memorandum of understanding (MOU) with Boeing, the newspaper reported.

"From our perspective, given the way it was communicated, the disclosure sought to diminish the importance of the fact that Embraer will have very limited means to influence operation of the NewCo," Raquel de Campos, a federal prosecutor who works for regulator CVM, was cited as saying in Valor.

The regulator did not find information in the filing that contradicts the MOU,Valor reported. But the filing allegedly only provides generic information regarding governance and veto rights to be retained by Embraer in the new company, Valor reported.

Campos was also quoted as saying CVM is not judging the merits of the transaction, but ensuring it is fairly communicated to investors in the market.

CVM made public remarks about the administrative probe, which started in November, in a class action filed by a group of minority shareholders over the terms of the agreement to form the joint venture, Valor said.

(Reporting by Ana Mano; Editing by Jeffrey Benkoe)

Stocks mentioned in the article
ChangeLast1st jan.
BOEING COMPANY (THE) 1.99% 417.97 Delayed Quote.29.60%
EMBRAER 0.16% 19.33 End-of-day quote.-11.49%
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Financials ($)
Sales 2019 111 B
EBIT 2019 14 886 M
Net income 2019 12 542 M
Debt 2019 6 109 M
Yield 2019 1,93%
P/E ratio 2019 18,88
P/E ratio 2020 16,71
EV / Sales 2019 2,18x
EV / Sales 2020 2,04x
Capitalization 236 B
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Number of Analysts 24
Average target price 440 $
Spread / Average Target 5,3%
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Managers
NameTitle
Dennis A. Muilenburg Chairman, President & Chief Executive Officer
Jenette E. Ramos Senior Vice President-Supply Chain & Operations
Gregory D. Smith CFO, EVP-Corporate Development & Strategy
Theodore Colbert Chief Information Officer & SVP-Data Analytics
Gregory L. Hyslop CTO, Senior VP-Engineering, Test & Technology
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