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Brazil's Embraer says Boeing 'wrongfully terminated' deal for $4 billion tie-up [CNBC]

Embraer S.A. (ERJ) 
Last embraer s.a. earnings: 3/26 06:00 am Check Earnings Report
US:NYSE Investor Relations: ri.embraer.com.br
Company Research Source: CNBC
Brazilian aircraft manufacturer Embraer said Saturday thatBoeingBoeing earlier on Saturday said it ended talks that would have given the Chicago-based aerospace giant an 80% stake in Embraer's commercial jet unit. Boeing said Embraer did not satisfy conditions under the agreement, which expired late Friday, but the Chicago-based company declined to go into specifics."It is deeply disappointing. But we have reached a point where continued negotiation within the framework of the [merger transaction agreement] is not going to resolve the outstanding issues," said Marc Allen, president of the Embraer Partnership and Group Operations, in a Boeing news release earlier Saturday.But Embraer said the deal was "wrongfully terminated" and vowed to "pursue all remedies against Boeing for the damages incurred."Boeing is required to pay $100 million if antitrust approvals for the deal aren't secured, according to a company filing, but a Boeing spokeswoman said the company doesn't believe that the t Show less Read more
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