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Renato Chaves thinks the joint venture masks an acquisition of control that is cheap for Boeing, and expensive for the Brazilian manufacturer's shareholders
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Roosevelt Cassio (Reuters) – The investor's request may be accepted or not, and even if it does, it will not necessarily dictate the takeover of the public takeover bid (Roosevelt Cassio / Reuters)
6 Jul
Rio de Janeiro – Corporate Governance Consultant Renato Chaves filed an official complaint against the transaction between Embraer and Boeing at the Securities and Exchange Commission (CVM) ] He is a shareholder of the Brazilian company and participated in its restructuring in 2006, when he was a director of Previ (BB pension fund). Now, he thinks that the so-called joint venture masks a takeover that comes at little cost to Boeing, and costly to the Brazilian manufacturer's shareholders. Under the Embraer law, there must be a public tender offer.
"Embraer loses a leading position, it ceases to be a commander to become a fleet.Boeing has found a clever way to not spend money and to have an acquaintance which would take years to build.Developing an area of commercial aircraft like Embraer today would take about five years, "he says, noting that only the approval of any kind. an airplane takes about two years.
The CVM may or may not accept the investor's complaint and, even if does not necessarily determine the performance of the takeover bid.
Despite efforts to qualify modeling as a joint venture, several points in the statement reinforce the role of Boeing's buyer. The news posted on the Embraer website and the relevant fact itself speak of the company's "acquisition" of the company's shares to be created, indicating that it will have "operational control and the management of the new company ".
was born crooked, and communication errors aggravate the situation, "he says.The shareholder does not want to question the association, but the model chosen.Yesterday when he read the first information , he was surprised by the transfer to the new company – private, in which Embraer will hold only 20% – of commercial aviation activities, a segment in which the Brazilian company is a world leader. part of his income.At the analysis of all the documentation, other points have attracted the attention of the former director of Previ
He is questioning about the Assessment of the assets that will be brought to the new company Embraer has already consolidated assets on the market, which represent 85% of its revenues, and Boeing has "business development, production, marketing and support services But the Brazilian company will only hold no 20% stake in the venture joint venture. In addition, the 10-year period during which companies will not be able to sell their shares increases the fragility of Embraer, which can see 80% of its turnover become a non-active company, as the designs of "It is not certain either in the statements if the aviation business will be transferred to the new company, leaving Embraer alone with the region." he, pointing out that when it comes to commercial aviation, Embraer refers to everything that is not defense
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