FILE PHOTO: The Boeing logo is pictured at the Latin American Business Aviation Conference & Exhibition fair (LABACE) at Congonhas Airport in Sao Paulo, Brazil August 14, 2018. REUTERS/Paulo Whitaker/File Photo
SAO PAULO/PARIS (Reuters) – Boeing Co (BA.N) on Saturday said it had canceled a $4.2 billion deal to buy the commercial jets division of Embraer (EMBR3.SA), unraveling years of work on what the Brazilian planemaker expected to be a transformative move.
Boeing’s statement confirmed a Reuters story earlier on Saturday and followed a story on Friday in which Reuters reported that the deal was close to collapse as the two parties neared a crucial midnight deadline.
Boeing said in the statement that Embraer had failed to meet certain conditions for the deal to go through, although it did not specify which ones. The April 24 deadline for closing had been baked into the deal since early last year, but antitrust hiccups had forced the two companies to try to work out a new…
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