Brazilian aircraft manufacturer Embraer says that Boeing “wrongfully terminated” a deal for a $4.2 billion tie-up.
Key Points
The termination of deal talks is the latest derailment at Boeing, which is also grappling with the grounding of the 737 Max and an aviation industry reeling from the coronavirus.Marina Lystseva | TASS | Getty Images"wrongfully terminated" a deal for a $4.2 billion tie-up, an ugly turn that comes as both companies face a dismal market for commercial jets amid the coronavirus pandemic.
But Embraer said the deal was "wrongfully terminated" and vowed to "pursue all remedies against Boeing for the damages incurred." The deal, which would have given Boeing control over Embraer's commercial jet arm, was meant to help Boeing grow even stronger in commercial aerospace to better compete with European rival Airbus. Airbus, for its part, hasThe collapse of the Boeing-Embraer deal comes as the aerospace industry is in crisis because of the coronavirus. Thousands of jets around the world are grounded as air travel demand has dried up in the pandemic and shelter-in-place orders that aim to stop it from spreading.
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