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Stock impact report

Embraer files arbitration against Boeing as shares fall over failed deal [Reuters]

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: Reuters
Embraer files arbitration against Boeing as shares fall over failed deal SAO PAULO (Reuters) - Brazil’s Embraer SA ( EMBR3.SA ) on Monday said it had begun an arbitration process against Boeing Co ( BA.N ), after the U.S. planemaker canceled a $4.2 billion deal over the weekend that its former partner saw as crucial to its long-term success. Embraer shares fell 14% in Sao Paulo on the news. The sudden collapse of the deal, triggered by a deadline that Boeing refused to extend, drew an irate response from Embraer. But on Monday, when Embraer executives hosted a call with analysts, the angry rhetoric was largely absent. Embraer Chief Executive Francisco Gomes Neto declined to provide more details on the process and if it will be accompanied by a lawsuit in either a Brazilian or a U.S. court. Embraer tried to reassure investors that it remains a solid company, arguing it has been able to find $1 billion in cash savings for 2020, and that it has not suffered any aircraft order cancell Show less Read more
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