Temer: Brazil jet maker Embraer not to be sold

During a breakfast with journalist Friday (Dec. 22), Brazilian President Michel Temer and Defense Minister Raul Jungmann dismissed the possibility of selling jet maker Embraer.

“Every partnership is welcome. What's not under consideration is the transfer of ownership.” Temer said. Jungmann explained that the government regards the interest of other companies in working with Embraer as positive, but said its sale is not being studied, as the firm is at the center of a national sovereignty project.

Through Embraer, Boeing seeks a new lease of life in the market in a bid to be up to par with giants Airbus and Bombardier, which in October announced a partnership for the production of commercial jets.

In a t statement released Thursday (21) by the US  Securities and Exchange Commission, Embraer and Boeing reported they are negotiating “a possible arrangement.” The pillars of these negotiations are still being discussed.

The note also announces that the transaction would be submitted to the approval of the Brazilian government and watchdogs, as well as the council and shareholders at Embraer. After the talks were confirmed as ongoing, Embraer's shares at B3, Brazil's stock exchange, surged 22.5%.

*Reporters Débora Brito and Yara Aquino contributed to this article.

Translated by Fabrício Ferreira