DOW JONES25,409.36-357.28 -1.39%
S&P 5002,954.22-24.54 -0.82%
NASDAQ8,567.37+0.89 0.01%

Boeing and Embraer Announce Brazilian Approval; Still Need EC Approval

Boeing (NYSE: BA) and Embraer (NYSE: ERJ) welcome the unconditional approval of their strategic partnership by the Administrative Council for Economic Defense (CADE)'s General-Superintendence (SG) in Brazil.

Benzinga · 01/28/2020 09:36

Boeing (NYSE: BA) and Embraer (NYSE: ERJ) welcome the unconditional approval of their strategic partnership by the Administrative Council for Economic Defense (CADE)'s General-Superintendence (SG) in Brazil. The decision will become final within the next 15 days unless a review is requested by CADE Commissioners. The partnership has now received unconditional clearance from every regulatory jurisdiction with the exception of the European Commission, which continues to assess the deal.

"This latest clearance is yet another endorsement of our partnership, which will bring greater competition to the regional jet marketplace, better value for our customers and opportunities for our employees," said Marc Allen, Boeing's president of Embraer Partnership & Group Operations.

"Brazil's approval of the deal is a clear demonstration of the pro-competitive nature of our partnership," said Francisco Gomes Neto, president and CEO of Embraer. "It will not only benefit our customers, but also allow the growth of Embraer and the Brazilian aeronautical industry as a whole."

Unconditional clearance has now been granted in Brazil, United States, China, Japan, South Africa, Montenegro, Colombia, and Kenya.

Boeing and Embraer have been in discussion with the European Commission since late 2018, and continue to engage with the Commission as it proceeds through its assessment of the transaction.