Business

Brazil's president rejects selling Embraer to Boeing

Posted December 22, 2017 6:00 am

The Associated Press

SAO PAULO (AP) - Brazilian President Michel Temer has rejected selling control of jet maker Embraer to Boeing.

The Brazilian company confirmed Thursday that it is in talks with Chicago-based Boeing regarding a possible deal.

But the Brazilian government has veto power over a change in controlling interest in Embraer, one of the largest makers of mid-size aircrafts in the world.

At a breakfast with media in Brasilia on Friday, Temer said the government would welcome an infusion of foreign capital into Embraer, but would not consider ceding majority control.

Temer also said the two companies had not previously informed him that they were in talks.

Boeing's approach to Embraer is seen as a response to competitor Airbus, which has plans to buy a majority stake of Canadian jet maker Bombardier Inc.

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