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Brazil judge overturns injunction that blocked Embraer-Boeing deal
Source: Reuters
BUSINESS NEWS DECEMBER 22, 2018 / 10:21 AM / UPDATED 9 HOURS AGO
Brazil judge overturns injunction that blocked Embraer-Boeing deal
SAO PAULO (Reuters) - A Brazilian judge overturned on Friday a decision that put the brakes on planemaker Embraer’s (EMBR3.SA) proposed sale of 80 percent of its commercial aviation division to Boeing Co (BA.N), as the judicial back-and-forth surrounding the deal continued.
According to public news agency Agencia Estado, Federal Judge Therezinha Cazerta suspended a decision which had suspended the sale earlier in the week. Her decision came in response to a request from Brazil’s solicitor general, known as the AGU, which argued that the injunction would hurt the economy and the previous decision represented government overreach into the free market.
Legal challenges to the deal, which would reshape the global passenger aviation market, have been plentiful and are common in Brazilian dealmaking in general.
Boeing and Embraer said on Monday they had finalized theterms of the agreement, valuing the Brazilian planemaker’s commercial division at $5.26 billion.
-snip-
Brazil judge overturns injunction that blocked Embraer-Boeing deal
SAO PAULO (Reuters) - A Brazilian judge overturned on Friday a decision that put the brakes on planemaker Embraer’s (EMBR3.SA) proposed sale of 80 percent of its commercial aviation division to Boeing Co (BA.N), as the judicial back-and-forth surrounding the deal continued.
According to public news agency Agencia Estado, Federal Judge Therezinha Cazerta suspended a decision which had suspended the sale earlier in the week. Her decision came in response to a request from Brazil’s solicitor general, known as the AGU, which argued that the injunction would hurt the economy and the previous decision represented government overreach into the free market.
Legal challenges to the deal, which would reshape the global passenger aviation market, have been plentiful and are common in Brazilian dealmaking in general.
Boeing and Embraer said on Monday they had finalized theterms of the agreement, valuing the Brazilian planemaker’s commercial division at $5.26 billion.
-snip-
Read more: https://www.reuters.com/article/us-embraer-m-a-boeing/brazil-judge-overturns-injunction-that-blocked-embraer-boeing-deal-idUSKCN1OL0EW