Embraer

The Brazilian company wanted to sell its jet division.


(Photo: Reuters)

After years of preparations, the US aircraft manufacturer has canceled a major takeover in Brazil. In a $ 4.2 billion transaction, Boeing had wanted to take over 80 percent of Embraer’s jet division in order to attack the German-French competitor Airbus even with medium-sized aircraft up to 150 seats.

However, Boeing announced on Saturday that Embraer had failed to meet certain contractual terms within the agreed deadline. Therefore, end the transaction. The Brazilian aviation group Embraer, who had previously described the deal as vital, initially did not want to comment.

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