Updated: Brazil's Embraer to Appeal Injunction Blocking Tie-Up with Boeing - Reuters
December 7, 2018 - by Reuters
SAO PAULO (Reuters) - Brazilian planemaker Embraer (EMBR3.SA) said on Friday that it would appeal an injunction issued hours earlier blocking its proposed tie-up with Boeing (BA.N), according to a securities filing.
Embraer shares were up 0.5 percent in morning trading in Sao Paulo following the company's statement.
The Brazilian planemaker announced in July its intention to sell 80 percent of its commercial aviation business to Boeing for $3.8 billion. Embraer has said the deal is crucial for its survival.
Meanwhile, Boeing's takeover is widely seen as a response to a similar deal earlier this year, in which Airbus took a controlling stake in the commercial segment of Canada's Bombardier Inc (BBDb.TO) , which used to directly compete with Embraer's.