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The Embraer and Boeing aviation giants announced last week an agreement to jointly create a company valued at $ 4.75 billion (4.06 billion euros) and of which Boeing will control 80 % actions. The negotiation strengthens Boeing's position in the regional aviation market, dominated by Embraer, which is yielding only its civilian business, not defense.
Boeing will pay $ 3.8 billion (3.245 billion euros) to control eight out of ten titles of the joint venture This announcement follows the move of the European Airbus, which bought the regional division of the Canadian Bombardier, which is in direct competition with Embraer aircraft.
"Through this strategic partnership, we will be very well prepared to generate value for our customers, employees and shareholders of both companies, as well as for Brazil and the United States," said Dennis Muilenburg, Executive Director from Boeing. Embraer is one of the Brazilian technology companies. It is an oasis in a country that exports mainly agricultural products. The Brazilian government has a preferential share in Embraer, which gives it the power to veto the company's decisions. However, the country's president, Michel Temer, announced that Embraer and Boeing were free to reach an agreement
The rush to send agreement to the Palácio do Plbadto – the seat of the executive in Brazil – explained by fears that the eventual election of a government opposed to the creation of the joint venture (the company that will have 80% stake in Boeing and 20% Embraer) could create obstacles to the realization of the trade agreement.
Ciro Gomes, one of Brazil's presidential candidates, has already declared his opposition to the entry of the US capital into Embraer. E Workers' Party (PT), the formation of former President Luiz Inácio Lula da Silva, imprisoned two months ago and who will probably be prevented from standing for election, but who remains a leader in polls "
" In the case of a PT government, I am sure that it would try to block the company, "says former minister Celso Amorim, l & # 39; one of Lula's closest politicians. "They treat Embraer as if it was a shoe factory, I think they are abandoning something fundamental that was developed by the Brazilian state," concludes -he.
Although it does not have most titles of Embraer, the Brazilian government has a special action, called share which gives it a veto right over important decisions, including transfers of control of stocks. That is why the Temer administration must give its approval for the sale to take place.
The fact that the Brazilian government would lose the special action in the new commercial aviation joint venture is not a small topic last year, the commercial aviation zone Embraer accounted for 58% of the company's net income, a much higher share than is badumed in the business aviation (26%) and defense and security sectors. security (16%). cent.)
© Carla Jiménez
Editions El País, SL 2018
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