PARIS/SAO PAULO (Reuters) – Boeing Co has told the Brazilian planemaker Embraer that Embraer has not met conditions needed to complete a civil aerospace tie-up, meaning the $4.2 billion deal is off for the foreseeable future, two people familiar with the matter said.
In a letter late on Friday, Embraer declined to agree to an extension to an April 24 deadline to close the deal, which calls for Boeing to buy 80% of Embraer’s commercial aerospace activities, the sources said.
Boeing later confirmed the decision. Embraer, the world’s third largest planemaker, declined to comment.
(Reporting by Marcelo Rochabrun, Tim Hepher; Editing by Kevin Liffey)