Government indicates in the note that there will be no veto on the agreement between Boeing and Embraer | Economy

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The Palace of Plbadto said Thursday in a note (10) that the government would not exercise a veto over the agreement between Boeing and Embraer to create a new company in the field of commercial aviation.

President Jair Bolsonaro was informed at a meeting Thursday at Plbadto Palace that the final proposal of the agreement "preserved sovereignty and national interests".

In December, the two companies announced that they had approved the terms of the agreement announced in July of last year. The US company Boeing will own 80% of the new business and the Brazilian company Embraer will hold the remaining 20%. As parent company, Boeing will make a payment of $ 4.2 billion ($ 16.4 billion), about 10% more than expected.

The agreement between the American and Brazilian companies was to be approved by the Brazilian government, which holds a "special action" (special action), which confers a veto on strategic decisions regarding Embraer, such as the transfer control. shareholder of the company.

Bolsonaro met Thursday with ministers to discuss the issue. Last week, the president made reservations about the deal, knowing that Embraer could sell Boeing in the future the 20 percent it will have in the new company.

"We can not, as in the last proposal, in five years, everything will be gone on the other side," said Bolsonaro on the occasion.

The control of the company will not be changed

  • According to a document prepared by Aeronautics and communicated by the Board of Plbadto, the agreement between Boeing and Embraer will include the following "general considerations":

    • There will be a dividend receipt related to the 20% of Embraer's interest
    • There will be a first Embraer box of about 1 billion US dollars.
    • There will be a first Embraer box.
    • Royalties on aircraft A-29 and KC-390

    Agreement in the field of defense [19659019] In addition to the partnership in the field of commercial aviation, Boeing and Embraer embarked on a joint venture. agreement on the terms of the creation of a second company charged with promoting and developing new defense markets involving the multi-mission KC-390 aircraft.

    According to the partnership, Embraer will be the parent company of this company, with a 51% stake, and Boeing, the remaining 49%.

    Read the full text of the note from the Presidency of the Republic:

    At a meeting held today with the Hon. Mr. Jair Bolsonaro, with the Ministers of Defense, GSI, Foreign Affairs, Science and Technology, Innovations and Communications; as well as representatives of the Department of the Economy and Commands of the Navy, Army and Air Force, the terms of negotiations between EMBRAER (privatized since 1994) and BOEING

    have The President was informed that the various scenarios had been carefully evaluated that the final proposal preserves sovereignty and national interests

    . Faced with this, the veto power (Golden Share) will not be exercised in the place of business.

    Special Secretariat for Social Communication of the Presidency of the Republic

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