PARIS/SAO PAULO/SEATTLE: Brazil has upheld proposals by Boeing Co to buy the jetmaking arm of Embraer , but plunging markets have raised urgent questions over the fate of the US$4.2 billion deal as aviation reels from the coronavirus crisis.
At such prices, Boeing would gain control of the commercial unit of Embraer but only after paying three times the value of the whole company, which also makes military and business jets. While Boeing could, analysts note, seek a lower price, pledges baked into the deal during months of sensitive negotiations leave the Brazilian government, Embraer's majority shareholder, little room for maneuver barring a sharp rebound.
"They are going to Washington with their hands out for a bailout and then on the other hand looking at spending US$4.2 billion to complete the deal," Herbert said.
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