Boeing Kills $4.2 B Purchase Of Embraer - Embraer Accuses Boeing Of Bad Faith -Legal Action
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April 26, 2020 - by Dominic Gates for seattletimes.com
Boeing kills its $4.2 billion purchase of Embraer as coronavirus roils (Fliegerfaust: thanks to China!) the aviation industry Embraer accuses Boeing of bad faith and threatens legal action."
Embraer will pursue all remedies against Boeing for the damages incurred."
After more than two years of negotiations, Boeing on Saturday terminated its proposed $4.2 billion deal to acquire the commercial jet business of Brazilian regional jet maker Embraer.
Boeing cited an inability to agree on final terms as it let a midnight Friday deadline expire. "Boeing exercised its rights to terminate after Embraer did not satisfy the necessary conditions," the company said in a statement.
Embraer responded with a scathing statement accusing Boeing of bad faith in the negotiations, which were conducted under rules laid out in a 2019 agreement.
"Embraer believes strongly that Boeing has wrongfully terminated the (agreement), that it has manufactured false claims as a pretext to seek to avoid its commitments to close the transaction and pay Embraer the US$4.2 billion purchase price," the statement said.
"We believe Boeing has engaged in a systematic pattern of delay and...
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