Embraer shareholder information criticism in opposition to Boeing deal: paper

BRASILIA (P3PWriter) – A shareholder of planemaker Embraer SA (EMBR3.SA) filed a criticism with Brazil’s securities regulator in opposition to a deliberate takeover of its industrial plane arm by Boeing Co (BA.N), newspaper Valor Econômico reported on Monday.

FILE PHOTO: The brand of Brazilian planemaker Embraer SA is seen on the firm’s headquarters in Sao Jose dos Campos, Brazil February 28, 2018. P3PWriter/Roosevelt Cassio/File picture

Renato Chaves filed the criticism with regulator CVM late on Friday, arguing that the transaction would successfully grant management of Embraer to Boeing, disrespecting its statute, Valor reported.

“It’s a disguised acquisition of a controlling stake,” Valor quoted Chaves as saying.

Embraer’s statute forbids any investor to personal 35 p.c or extra of its shares immediately or not directly.

Chaves is a former director for pension fund Previ, which manages pensions for workers of state-controlled lender Banco do Brasil SA (BBAS3.SA). Valor didn’t specify the dimensions of the Chaves’ stake in Embraer, however stated he acknowledged that the stake was very small.

A consultant for CVM couldn’t instantly reply to a request for remark. A consultant for Chaves couldn’t be reached for remark.

Complaints are usually uploaded to CVM’s web site as soon as assessed by the regulator’s technical physique. The criticism reported by Valor had not been uploaded.

Boeing and Embraer agreed final week to arrange a $four.75 billion three way partnership encompassing Embraer’s airliner enterprise, serving to the American firm resist Canada’s Bombardier Inc (BBDb.TO).

Reporting by Bruno Federowski; Modifying by Susan Thomas

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