Brazilian government approves Boeing-Embraer joint venture

Embraer E190-E2

Embraer E190-E2

Brazilian President Zhair Bolsonar wrote in his microblog on Twitter after a meeting with cabinet ministers that the merger of Embraer and Boeing does not pose a threat to the sovereignty of the country.

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 Jan 1, expressed concerns over the deal. In this regard, the government will not interfere with the transaction.

The Brazilian government announced on Thursday that it had approved the creation of two joint ventures (JVs) between Brazilian aerospace company Embraer and United States aerospace group Boeing.

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The deal still must be approved by shareholders and regulators, but winning the backing of Brazil's government was its biggest hurdle.

As part of the planned joint venture, Boeing will acquire an 80% ownership stake, while Embraer will hold the remaining 20 percent. Closing of the transaction is expected by the end of this year.

The companies have also agreed to the terms of another joint venture to promote and develop new markets for the multi-mission medium airlift KC-390. Embraer would retain consent rights for some decisions, such as transfer of operations from Brazil.

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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. In December, a Brazilian court made a preliminary decision to suspend the creation of an alliance between Boeing and Embraer. The staff is about 140 thousand people.

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