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BOEING COMPANY (THE)

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Boeing : Embraer merger going ahead after Bolsonaro approval

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01/12/2019 | 04:52am EDT

Aviation giants Boeing and Embraer will push on with their proposed merger after Brazil President Jair Bolsonaro confirmed on Thursday he would not oppose the move.

The two companies had announced in July that American Boeing would take control of Brazilian Embraer`s commercial airplane manufacturing business but the deal hit a snag last week when Bolsonaro, who was sworn in as president on January 1, expressed concerns over the deal.

Embraer`s shares took a nose dive after Bolsonaro`s statement but on Monday his government said it was "not thinking of interrupting this negotiation."

On Thursday, a statement published by the presidency said Bolsonaro was satisfied that "the final proposal preserves (Brazil`s) sovereignty and national interests" and hence he would not exercise his "veto" right to scupper the merger.

Under the $5.2 billion deal, Boeing will take an 80 percent stake in Embraer`s business, with only the Brazilian company`s military division excluded from the tie-up.

While Embraer, the third largest manufacturer in the world behind Boeing and Europeans Airbus, was privatized in 1994, the Brazilian government retained a veto power of its strategic decisions.

A joint statement from the two companies said they "welcomed approval by the Government of Brazil of the strategic partnership that will position both companies to accelerate growth in global aerospace markets."

(c) 2019 Saudi Voters Center Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
BOEING COMPANY (THE) -2.83% 362.17 Delayed Quote.15.57%
EMBRAER -2.09% 18.7 End-of-day quote.-11.90%
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Financials ($)
Sales 2019 111 B
EBIT 2019 14 655 M
Net income 2019 12 495 M
Debt 2019 6 106 M
Yield 2019 2,23%
P/E ratio 2019 16,38
P/E ratio 2020 14,38
EV / Sales 2019 1,89x
EV / Sales 2020 1,76x
Capitalization 204 B
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 437 $
Spread / Average Target 21%
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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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