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Boeing Seeks To Salve Brazil Concerns Over Embraer Approach
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Boeing Seeks To Salve Brazil Concerns Over Embraer Approach

The Embraer Phenom 300 is displayed during the Latin American Business Aviation Conference & Exhibition fair (LABACE) at Congonhas airport in Sao Paulo, Brazil August 15, 2017. Picture taken August 15, 2017. Boeing Co sought to calm Brazilian concern about a potential tie-up with Embraer SA after President Michel Temer and other officials warned they would veto any full takeover bid for the regional jet maker.

While Temer said he would welcome an injection of foreign capital into Embraer, his warning was the latest reminder that the company, which also makes some military planes and was one of the more successful products of Brazilian industrial policy, remains a focus of national pride.

Boeing said talks with Embraer on what the companies have called a "potential combination" were ongoing and insisted that it fully respected the need to safeguard the company"™s defense and other state links.

"As we noted, discussions are ongoing, but we have always had deep respect for the role of the Government of Brazil, as well as their important defense and security concerns," Boeing spokesman Phil Musser said.

Earlier, Temer told a news conference he would study any decision the companies take on an alliance, emphasizing that his government could use its "˜golden share"™ in the company to block foreign control of the formerly state-run company, fully privatized in 2006.

"When a decision arrives, I will examine it," Temer said. He added: "The purpose of the golden share is for the government to take such a decision."

Defense Minister Raul Jungmann said the government welcomed a commercial alliance with Boeing.

"We are in favor of this and other partnerships," Jungmann said at the same news conference with Temer.

But he also said foreign control of the company was out of the question, citing Embraer"™s central role in Brazil"™s defense industry…

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