Boeing-Embraer joint venture hits setback, is pushed to 2020
Initially hoping to finish procedures and form a joint venture by the end of 2019, Boeing and Embraer are now pushing the deadline to the following year after failing to receive approval by the European Commission.
“The European Commission recently indicated it will open a Phase II assessment in its review of the transaction, and Boeing and Embraer look forward to assisting with that review,” is written in statements by both Embraer and Boeing on October 3, 2019. “Based on this development, however, the companies now expect the transaction to close in early 2020”.
The two plane makers are striving to form a joint venture made up of the commercial aircraft and services operations of Embraer, of which Boeing would own 80%, leaving 20% to the Brazilian counterpart.
But to come into existence, the transaction must first receive multiple regulatory approvals, of which “a number” has already been obtained, according to Embraer. For instance, the partnership has already been cleared to close in the United States after receiving a green light from the U.S. Federal Trade Commission.
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