President of Brazil confirmed blocking the sale of Embraer

EmbraerThe president of Brazil, Michel Temer, confirmed information that he was against the sale of a controlling stake in the aircraft manufacturer Embraer. The head of state made a corresponding statement in an interview with journalists in the country’s capital.

“We want to welcome Boeing’s interest in Embraer, which means that in international circles there is a great interest in investing foreign capital in our companies and, of course, this foreign capital, whether Boeing or someone else, will be welcomed in Embraer”, said Temer. “The difficulty lies in the transfer of control over Embraer to another company. Embraer is a Brazilian company, it very well represents Brazil abroad, and, again, we welcome the participation of foreign capital. The issue of transferring [the controlling stake] is not considered”, explained he.

The American corporation Boeing is negotiating for the takeover of Embraer, the market value of which is estimated at 3.7 billion USD. The rumors connect the both companies also in possible joint venture or just cooperation agreement.

Embraer is the third largest manufacturer of passenger aircraft in the world and has about 18,000 employees. The most popular products of the company are airplanes, designed for 70-100 people, which are operated on routes on which it is not practical to use large Boeing or Airbus airliners.