Fallisce la trattativa per la JV tra Boeing ed Embraer

[AZ209]

Boeing in deal talks with Brazil’s Embraer

Acquisition would combine the world’s largest aerospace company with the third largest passenger jet maker

Boeing has held talks about a multibillion-dollar takeover of Brazil’s Embraer in a move which could further reshape the global aerospace industry as European rival Airbus prepares to take control of Bombardier’s C Series regional passenger jet.
The deal, should it go ahead, would combine the world’s largest aerospace company with the third largest passenger jet maker. If successful, it would also be the biggest deal by Boeing since the purchase of McDonnell Douglas in 1997 for $13bn.
Embraer and Boeing confirmed on Thursday that they were in discussions on a deal, but said the terms were still being discussed and there was no guarantee that a transaction would result. Embraer shares leapt 40 per cent.
Should it go ahead, a deal would broaden Boeing’s product range to the smallest end of commercial aircraft, jets of fewer than 100 seats, as well as boost its range of military and business jets.
However, a deal remains far from certain as it will require approval from the Brazilian government, which has a golden share in Embraer.
Both Boeing and Embraer appear to have been driven to discussions by Airbus’s surprise deal in October in which it secured a 50.01 per cent stake in the C Series jet from Canada’s Bombardier for no cash payment. Airbus will provide marketing and servicing support, and produce jets for the US market at its Alabama factory.
That deal is expected to give a new lease of life to Bombardier’s aircraft, which had struggled to win orders amid concerns over the Canadian company’s financial viability. It has taken several public bailouts due to the cost overruns on the C Series programme.
Both Boeing and Embraer have sought to stifle the C Series with legal challenges. The smallest aircraft in the range competes with Embraer’s biggest E-Jet, while the C Series could eventually be extended to challenge Boeing’s smallest single-aisle aircraft.
Boeing has launched legal action in the US courts, claiming the Canadian bailouts and, separately, loans from the UK government to Bombardier’s Northern Ireland factory, amounted to illegal subsidies.
The US Department of Commerce this week upheld a preliminary proposal to impose heavy tariffs of close to 300 per cent on imports of the C Series, a move which could have crippled the programme. However the final ruling on whether to impose the tariffs is not expected until early next year and Airbus and Bombardier believe that their deal means the tariffs will not apply, as any aircraft for US customers will be made locally.
Embraer, meanwhile, has taken its case for unfair competition to the World Trade Organization.
Embraer also makes smaller commercial aircraft for the regional market and business jets which would strengthen Boeing’s product range. However, analysts voiced surprise at Boeing’s move, given that it has repeatedly dismissed the logic of the Airbus deal.
“To go and buy Embraer would be a major change from what investors have been lead to expect, and also seemingly endorse the Airbus/C-Series strategy that Boeing was so recently unenthused about,” said Rob Stallard of Vertical Research Partners. “Given the Brazilian government involvement, this could prove to be the major stumbling block in getting anything done.”
Richard Aboulafia, of aerospace consultancy Teal Group, said the talks with Embraer make Boeing’s trade complaint against Bombardier “seem rational, if they were about to acquire a company with core products that competed with Bombardier aircraft”.
But he added that price and Brazilian national politics were two areas of major concern. ”Embraer is a very good company. Does it make sense in anyone else’s hands? I’m not sure I see that.”
The Brazilian government would be able to veto the deal under a “transfer of control” provision allowed by the golden share it holds in Embraer. Brazilian officials, including the country’s finance, planning, and transport ministries did not reply to requests for comment, nor did Brazil’s national development bank, BNDES, which holds a 5.4 per cent stake in the company.

https://www.ft.com/content/c2c10e14...otification:daily-email:content:headline:html

 

[13900]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Mossa secondo me sensata. Boeing non ha esperienza nella progettazione di un narrowbody dagli anni '70, col 757, e dubito che abbiano chissa' quante risorse disponibili per iniziare un sostituto del 737 e, allo stesso tempo, lavorare sul 777-8/9X, 797 e prosecuzione del 787.

L'unica cosa che mi fa pensare che quest'acquisizione sia un po' meno 'buona' di quella di Airbus con Bombardier e' che la famiglia E-170-5/190-5 e' tutto sommato al limite del proprio sviluppo, e saltare da un aereo tipo E195 a uno della stazza del 737 non sara' facilissimo, ne' brevissimo.

Ovviamente il problema 'aiuti di Stato' non si porra' mai per Embraer!

 

[belumosi]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Mossa secondo me sensata. Boeing non ha esperienza nella progettazione di un narrowbody dagli anni '70, col 757, e dubito che abbiano chissa' quante risorse disponibili per iniziare un sostituto del 737 e, allo stesso tempo, lavorare sul 777-8/9X, 797 e prosecuzione del 787.

Secondo me c'è soprattutto la necessità di Embraer di non lasciarsi stritolare dal duo Airbus-CSeries. Per Boeing è comunque un buon affare.

L'unica cosa che mi fa pensare che quest'acquisizione sia un po' meno 'buona' di quella di Airbus con Bombardier e' che la famiglia E-170-5/190-5 e' tutto sommato al limite del proprio sviluppo, e saltare da un aereo tipo E195 a uno della stazza del 737 non sara' facilissimo, ne' brevissimo.

Diversamente dal duo euro-canadese, credo che in questo caso ci sia ben poco da "pescare" dal progetto E2 da parte di Boeing.

Ovviamente il problema 'aiuti di Stato' non si porra' mai per Embraer!

Ovviamente.

 

[FlyKing]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Boeing Is Interested in Taking Over Rival Embraer

Boeing Co. is discussing a “potential combination” with Brazil’s Embraer SA, the companies said, a blockbuster deal that would expand the U.S. aerospace giant’s lineup of commercial and military aircraft.

The talks have centered on a takeover, with Boeing offering Embraer a substantial premium over its $3.7 billion market value, the Wall Street Journal said Thursday. Any tie-up would need to be approved by the Brazilian government, the companies said in a statement.

The acquisition would be Boeing’s largest since it bought U.S. rival McDonnell Douglas Corp. in 1997 and would advance a consolidation wave sweeping through the aerospace sector. Boeing would gain an aircraft offering in the 100-seat category to counter a new threat from Airbus SE, which agreed in October to take control of Bombardier Inc.’s C Series program — the target of a trade complaint brought by Boeing.
“Boeing has a very solid commercial airline business that covers a lot of the key markets, but they were missing this piece in their portfolio,” said Jeff Windau, an analyst at Edward Jones.

Embraer’s American depositary receipts jumped 27 percent to $25.34 at 2:36 p.m. after advancing as much as 31 percent for a record intraday gain. Boeing fell less than 1 percent to $295.85.

MANUFACTURING FOOTPRINT
Boeing and Airbus have focused on larger, higher-margin aircraft, avoiding planes with 100 seats or less that have similar development costs while selling for commodity-like prices. Boeing’s potential Embraer deal raises the prospect of a duopoly with Airbus that would extend into the market for smaller planes, where manufacturers in Canada, China, Russia and Japan are emerging as competitive threats.

A tie-up with Embraer would expand Boeing’s manufacturing base outside the U.S. for the first time, while also marking a shift away from the Chicago-based company’s emphasis on handing cash back to investors through dividends and stock buybacks.

“To go and buy Embraer here would be a major change from what investors have been lead to expect, and also seemingly endorse the Airbus/C-Series strategy that Boeing was so recently unenthused about,” Robert Stallard, an analyst at Vertical Research Partners, said in a note to clients.

GOVERNMENT HURDLE
The Brazilian government is already signaling opposition to a takeover, according to the newspaper Folha de Sao Paulo.

President Michel Temer won’t allow control of Embraer to change hands, he told Defense Minister Raul Jungmann and Air Force Commander Nivaldo Rossato on Thursday in a meeting, according to the Brazilian newspaper. The government was taken by surprise by the Journal’s report on the talks, the newspaper said.

Brazil’s ministries of defense and foreign affairs directed requests for comment to the finance ministry and the presidency. Neither immediately responded to inquiries from Bloomberg. Brazil retains a “golden share” in Embraer that guarantees government control in the event of threats to national sovereignty or security.

“With the Brazilian government having a say, it is worth asking what their upside would be from an American company buying the Brazilian A&D champion,” Stallard said, referring to aerospace and defense.

NATIONAL PRIDE
Created in 1969 by the Brazilian government and privatized in 1994, Embraer has been held up as a source of national pride and an example of efficiency and innovation in a commodities-driven country, though corruption scandals in the past few years have tainted that image.

The Sao Jose dos Campos-based company has enjoyed a collegial relationship with Boeing over the years. The news of Airbus’s C Series venture fanned speculation that the two might draw closer to ward off the competitive threat. Boeing is also Embraer’s commercial and maintenance partner for the KC-390, a military cargo plane still being developed.

Boeing has focused on smaller acquisitions for the past two decades to expand its portfolio of commercial, military and space products. But Dennis Muilenburg, Boeing’s chief executive officer, and chief strategist Greg Smith, signaled a willingness to consider bolder moves this year when they promoted Kent Fisher, a rising star, to head the team that handles large mergers and strategic partnerships.

https://skift.com/2017/12/21/boeing-is-interested-in-taking-over-rival-embraer/

 

[AZ209]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Brazil happy to ‘bless’ Embraer-Boeing tie-up, but not a takeover

Defence minister says a partnership would be welcome but should not affect ownership

Brazil’s defence minister says his government will give its “blessings” to any business “partnership or joint venture” between Embraer and US-based giant Boeing that would boost sales of the Brazilian aircraft maker’s defence equipment, but ruled out any proposal that involves a change of ownership.
“This partnership between Boeing and Embraer is very much appreciated by the Brazilian government and the defence ministry, we hope that it will succeed, that it will take place,” Raul Jungmann told the Financial Times, stressing the Brazilian government holds a prized golden share and could veto any takeover bid.
“The only limitation we see is the transfer of shareholding control,” he added. “Other than that, partnership, joint venture, whatever it is, is very welcome.” His comments come after the companies confirmed in late December that they were engaged in “discussions regarding a potential combination of their businesses”.
However, people close to the discussions countered that Boeing was looking for majority control. It categorically would not accept a joint venture, one person said. Boeing would be prepared to offer safeguards to reassure the government over jobs and sovereign defence capability. This could include the government retaining its golden share over some aspects of the business or another mechanism.
“Boeing is simply not interested in a joint venture. That is absolutely not going to fly,” added one person close to the discussions.
Any deal, should it go ahead, would combine the world’s largest aerospace company with the third-largest passenger jet maker. Brazil’s government has set up a group to “accompany this negotiation”, including the ministries of defence and finance, the air force, and BNDES, the national development bank, which holds a stake in Embraer.
Mr Jungmann said any decision that refers to changing the company’s name; halting of military-related projects; the transfer of sensitive, cutting-edge defence technology, and, of shareholding control of the company has to be heard in advance by the government. He added: “We haven’t received any formal proposal here yet.”
The discussions were ongoing, the person close to the negotiations said, adding that Boeing and Embraer were due to submit their formal proposal in the coming weeks.
“We won’t have an opinion on a joint venture that does not deal with the issue of shareholding control, obviously, it’s up to the board of directors of the two companies to find the best deal possible. This has our blessings,” Mr Jungmann said.
Boeing’s interest in Embraer follows the move by its European rival Airbus in October to take control of the C Series, the regional jet programme of Canada’s Bombardier. A partnership between Boeing and Embraer could reshape the western commercial aerospace industry at a time when China’s Comac is attempting to force its way into the market.
For Mr Jungmann, a tie-up with Embraer would be beneficial for Boeing for a number of reasons. First, Boeing saw that the association between Bombardier and Airbus posed a “challenge and a dilemma for them”; second, the company “that can fulfil the role that Bombardier plays today with Airbus is Embraer”, and third, the Brazilian group has 6,500 engineers, possibly younger than those working for Boeing.
“Finally, the synergy between the two companies would allow much more effective access to the markets, this is important for both companies,” he added. Embraer, which was privatised in 1994, is also involved in the development of Brazil’s air traffic management system, another aspect that makes a takeover by Boeing “impossible”.
“Embraer would be complementary to Boeing, especially with its regional jet portfolio,” BTG Pactual wrote in a December note, adding that synergies could be “substantial”.
Mr Jungmann believes a deal with Boeing could also ramp up the share of Embraer’s defence sales as well as aerospace initiatives. In the first nine months of last year, commercial aviation represented 62.6 per cent of the company’s net revenues, while for executive jets it was 20.3 per cent. Defence occupied just 16.6 per cent.
“It will be very beneficial. It’s a great opportunity because Boeing has a sales force and market access that is incomparable, that’s really very positive,” he said.
Embraer developed the KC-390 transport aircraft and already supplies the A-29 Super Tucano light attack plane to Brazil, Chile, Ecuador and Colombia, as well as the Afghan and Lebanese air forces, and is due to sign a contract for the sale of 12 units to Nigeria.
Embraer has become a globally competitive company in high value-added manufacturing. It has already been spreading its military wings through commercialisation and other partnerships with Boeing and Sierra Nevada Corporation.
“I think we have to look for results, preserving national interests, as any country would do,” Mr Jungmann said. “This is a window of opportunity, it has limitations, but it is a window of opportunity that we have to make succeed.”

https://www.ft.com/content/ec9c628c...egmentId=778a3b31-0eac-c57a-a529-d296f5da8125

 

[AZ209]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Opinione di FG

OPINION: Boeing and Embraer have much to gain from tie-up

A combination of Boeing and Embraer would make a powerful team in commercial aviation, deepen a potentially disruptive alliance with Saab in the defence market, and could upset the business aviation status quo.
It remains unclear what level of combination is under discussion after the two parties acknowledged ongoing discussions on 21 December.
But it is already obvious that both companies have much to gain from a well-managed partnership of any kind, and little to lose.
On the surface, Embraer seems well-positioned as the world’s third-largest aircraft manufacturer, with a broad portfolio of positions in commercial, defence and business aviation.
But the manufacturer is entering a critical period. The E190-E2 and the KC-390 are set to enter service later this year, but are yet to gain significant order traction, despite impressive potential. Unless new deals materialise soon, it could be years before deliveries of the E2 family match the annual pace of 90-100 set by the original E-Jets. And the KC-390 still has to prove it can compete with the Lockheed Martin C-130J. A partnership with Boeing could provide a serious boost for both jets.
Boeing also has much to gain from a commercial alliance with Embraer. First, the Seattle airframer obtains a product to compete with the pending joint venture between Airbus and Bombardier on the CSeries. But Boeing also has ambitious cost targets to meet in order to deliver a competitive new mid-market airplane in the mid-2020s. Embraer has 4,000 engineers on the payroll with no obvious new projects after the E175-E2 arrives in 2021. The timing works perfectly for both companies.
The defence sector – a sensitive area for the Brazilian air force – also offers opportunities beyond the KC-390. Embraer and Boeing are involved in separate projects with Saab to develop new aircraft – Brazil’s Gripen E/F fighter and a T-X trainer candidate for the US Air Force. By deepening the relationship between the three companies, Boeing would command a formidable alliance of top engineering talent and low-cost manufacturing.
Even the business jet market creates some intriguing possibilities, especially in light of Embraer’s acknowledged lack of an ultra-long-range, large-cabin product.
Many obstacles remain to completing a deal between Boeing and Embraer, with the Brazilian government’s golden share a potentially insurmountable hurdle.
But the opportunities on both sides are too big to ignore forever.

 

[AZ209]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Boeing’s bid to buy Embraer could see Brazilian engineers work on the 797

​

According to people involved with the history, Boeing took serious looks alternately at Embraer and at its Canadian rival Bombardier over the past 18 years. Its renewed move on Embraer could herald the acquisition of engineering talent to work on its next new jet, the 797.

​

The revelation last month that Boeing was in talks to acquire control of Brazilian airplane manufacturer Embraer may have seemed like a bolt from the blue, but the U.S. company has quietly explored such a deal twice before.
The previous efforts indicate Boeing’s strategic interest includes the acquisition of engineering talent to work on its next new jet.
According to people involved with the history, Boeing took serious looks alternately at Embraer and at its Canadian rival Bombardier over the past 18 years.
In May 1999, then-Boeing Commercial Airplanes chief executive Alan Mulally commissioned the first study of the possibility of buying Embraer.

There was even a family connection: Daniel Da Silva, now a senior executive at Boeing Capital Corporation, the jetmaker’s airplane financing unit, was a principal in that Boeing study. His father, Ozilio da Silva, was one of Embraer’s founders, its first chief operating officer and later the jetmaker’s chief executive, though he left the company in 1991.
An executive familiar with Boeing’s approaches to Embraer over the years, who asked to remain anonymous because he spoke without company authorization, said the impetus for the approach then was to bolster the future of the jet Boeing inherited from McDonnell Douglas, the Long Beach-built 717.
Embraer was developing its 70- and 90-seat E-jets and the idea was to encourage it to engineer as much commonality as possible with the 106- to 117- seat 717, creating a family of airplanes for the otherwise orphan 717 jet.

Not another de Havilland

The study’s conclusion was very positive and Mulally was set to move ahead.
However, Harry Stonecipher, then president of Boeing, nixed the move, according to three people with knowledge of what happened.
Apparently judging that Canada offered less risk than Brazil, Stonecipher instead switched targets and launched an effort to buy Bombardier’s aerospace division.

​

Commercial Airplanes executive Gary Scott and then-Boeing chief financial officer Deborah Hopkins were the leads in that push. The two shuttled back and forth to Montreal for detailed talks with the Beaudoin family, which controlled Bombardier.
One issue was wariness among top Boeing executives who remembered the disastrous mid-1980s purchase of de Havilland Canada, which made various seaplanes and also the Dash 8 turboprop flown today as the Q400 by regional airlines including Seattle-based Horizon Air.

On the de Havilland deal, Boeing “lost a million dollars a day every day for three straight years,” said Joe Ozimek, a retired executive who held senior positions both in Boeing Commercial Airplanes and Boeing Capital Corporation.
Boeing cut its losses and sold de Havilland to Bombardier in 1992.
In the end, the effort at buying Bombardier seven years later foundered when the Beaudoin family demanded a price Boeing deemed too high.
“Boeing could have been interested in buying all of Bombardier’s aerospace unit, but not at the price they were asking,” said Scott, now retired, in an interview.
Boeing discontinued production of the orphan 717 in 2006.

Acquisition blocked

Meanwhile, Scott had left Boeing in 2002 and moved to Canada. A couple years later, he joined Bombardier as head of its new commercial airplane program and launched the CSeries jet — the first new aircraft by a regional jetmaker intruding upon Boeing’s slice of the sky.
In 2005, Scott visited Mulally and suggested that Boeing could collaborate on the CSeries.
Boeing set up another internal study, this time tasked with assessing which regional jetmaker would make the best partner.
By then, Stonecipher was long gone. When Embraer came out way ahead, Mulally rebuffed Scott and Boeing pushed to structure a deal with the Brazilians.
Ozimek said Boeing’s main interest was in Embraer’s engineering talent.

It also wanted to ensure as much cockpit commonality as was practical, to make it easy for pilots to migrate from Embraer to Boeing aircraft.
Acquiring Embraer would forestall it building a 737 competitor as well as address the competitive threat from Bombardier’s CSeries.
But the company hit a barrier: The Brazilian government wanted to retain control of this crown jewel of the country’s manufacturing, and especially to protect Embraer’s military aircraft division.
In the end, that blocked an acquisition, though discussions on potential collaboration continued.
The executive familiar with the various approaches to Embraer said that when Boeing was vacillating between going ahead with a revamped 737 featuring new engines — the 737 MAX — versus developing an all-new small airplane to replace the 737, there was discussion inside the company as to whether to involve Embraer in the latter project.
But when Airbus in 2011 launched the A320neo with new engines, that precipitated Boeing’s decision to ditch the new small airplane in favor of the MAX.

​

Later, in 2012, Boeing and Embraer instead settled for an agreement to engage in broad collaboration.
The two agreed for example to maintain basic cockpit similarities, using steering columns to pilot their jets rather than an Airbus-style side-stick.
That collaboration has continued since then. In 2016, Boeing agreed to jointly market Embraer’s KC-390, a military airlift and aerial refueling aircraft.

Not another 787

Airbus’s move in October to acquire the CSeries program was almost certainly the catalyst for Boeing to resume its effort to buy all or part of Embraer.
If closed, an acquisition could bring Embraer’s engineering resources to bear on Boeing’s next all-new jet development program, the 797, whether that’s the potential New Mid-market Airplane that Boeing is currently pitching to airlines or a 737 Replacement.
Yet according to reports, Boeing faces the same stumbling block now that it did in the mid-2000s.

The U.S. jetmaker is trying to offer assurances to the Brazilian government while holding out for full control of at least the commercial airplane side of Embraer.
The harsh lessons of the 787 Dreamliner program probably factor into Boeing’s position in those talks.
On the 787, Boeing partnered with major suppliers in Italy, Japan and the U.S., handing them engineering work and depending on them both to deliver their parts and over time to reduce the cost of those parts.
But those partners weren’t up to the production task, resulting in unprecedented delays and billions of dollars in cost overruns. And they preferred to reap the benefits of any gradual cost savings themselves, rather than passing them on to Boeing.
The result was a financial nightmare. Boeing was forced to buy out the partner plants in South Carolina. It will probably never recover all of its 787 investment.
“That was a solid lesson learned,” said Ozimek.

To avoid a repeat of that debacle, he said, Boeing is unlikely to be interested in having Embraer engineers help develop a new Boeing plane. They’d have to be Boeing engineers.
“That’s why Boeing wants to control Embraer,” Ozimek said. “It wants to own them, not to have a partnership.”

https://www.seattletimes.com/busine...ould-see-brazilian-engineers-work-on-the-797/

 

[AZ209]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

A Boeing-Embraer Deal Is Still Highly Likely

Boeing's proposed acquisition of a majority stake in Embraer's commercial aviation business is being held up by some thorny issues, but it is still likely to be finalized within the next few quarters.

Shares of Brazilian aerospace company Embraer (NYSE:ERJ) surged in late 2017 after Boeing(NYSE:BA) confirmed its interest in buying its smaller rival. However, Embraer stock has retreated in recent weeks, based on reports that negotiators for the two companies are having trouble agreeing on the finer points of a deal.
The underlying problem is that the Brazilian government has blocked an outright takeover of Embraer. This has forced Boeing and Embraer to devise a more complicated structure that entails disentangling the latter's commercial aviation business from its defense business. Still, there is no reason why these issues should torpedo a deal, even if they delay its consummation.

A joint venture is the current plan

Whereas Boeing had hoped to buy all of Embraer, the deal structure now being considered would involve Embraer creating a separate company to hold its commercial aviation business. Boeing would pay cash for a roughly 80% stake in that new company. Embraer would retain the other 20% as well as its executive jet and defense segments. (In another potential version of this plan, Embraer's executive jet division would be included in the new company to be formed.)

This type of arrangement would satisfy the Brazilian government, which wants to maintain local control of its defense programs. It would also meet Boeing's main objectives, which are to broaden its product lineup with a family of smaller jets and to refresh its ranks of engineers as it considers developing its first all-new jet in more than a decade.

However, there are also some technical challenges. First, the commercial aviation division is responsible for virtually all of Embraer's profit. Second, the various business units aren't completely separate from one another, particularly in terms of engineering resources.

Conflicting reports

A little more than a week ago, Brazil's new defense minister declared that he was certain that Boeing and Embraer would reach a deal before the end of this year. This caused Embraer stock to jump.
Yet just a few days later, Reuters reported that the two companies were having trouble moving past several sticking points. These issues included dividing Embraer's engineering workforce between the two companies, negotiating long-term service contracts between the various entities, and ensuring that what's left of Embraer has the financial strength to be successful.
The Reuters report suggested that while Boeing is interested in completing the proposed deal, it still doesn't see combining with Embraer as strategically vital. Not surprisingly, Embraer shares subsequently gave up all of the ground they had gained earlier in the week.

EMBRAER STOCK PERFORMANCE. DATA BY YCHARTS.

​

None of these issues is insurmountable

Given the complexity of the proposed Boeing-Embraer deal, it's not surprising that there have been some delays. On the other hand, while it may take a long time to hash out the details of the service contracts between Boeing, Embraer, and the third company, this issue doesn't seem like a potential deal breaker. The weak profitability of Embraer's executive jets and defense segments also shouldn't be a major obstacle, as both business units are on the mend after a few rough years.
The biggest challenge that Boeing and Embraer will have to sort out is the division of Embraer's engineering workforce. The companies need to carefully evaluate their future development programs. However, it's clear that most of the engineers should go with the commercial aviation division, as the executive jet and defense segments are both near the end of new product offensives and don't have much work in the pipeline.
Thus, Boeing and Embraer may have to address some tricky issues, but they are all solvable. Given the strong strategic rationale for the deal, Boeing is likely to complete its purchase of a majority stake in Embraer's commercial jet business within the next few quarters. This will likely lead to a nice windfall for Embraer shareholders.

https://www.fool.com/investing/2018/05/16/a-boeing-embraer-deal-is-still-highly-likely.aspx​

 

[Luca Paglia]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Boeing and Embraer to Establish Strategic Aerospace Partnership to Accelerate Global Aerospace Growth
CHICAGO and SÃO PAULO, July 5, 2018 /PRNewswire/ -- Boeing (NYSE: BA) and Embraer (B3: EMBR3, NYSE: ERJ) announced they have signed a Memorandum of Understanding to establish a strategic partnership that positions both companies to accelerate growth in global aerospace markets.

The non-binding agreement proposes the formation of a joint venture comprising the commercial aircraft and services business of Embraer that would strategically align with Boeing's commercial development, production, marketing and lifecycle services operations. Under the terms of the agreement, Boeing will hold an 80 percent ownership stake in the joint venture and Embraer will own the remaining 20 percent stake.

"By forging this strategic partnership, we will be ideally positioned to generate significant value for both companies' customers, employees and shareholders – and for Brazil and the United States," said Dennis Muilenburg, Boeing's Chairman, President and Chief Executive Officer. "This important partnership clearly aligns with Boeing's long-term strategy of investing in organic growth and returning value to shareholders, complemented by strategic arrangements that enhance and accelerate our growth plans," Muilenburg said.

"The agreement with Boeing will create the most important strategic partnership in the aerospace industry, strengthening both companies' leadership in the global market," said Paulo Cesar de Souza e Silva, Embraer Chief Executive Officer and President. "The business combination with Boeing is expected to create a virtuous cycle for the Brazilian aerospace industry, increasing its sales potential, production, creating jobs and income, investments and exports, and in doing so, adding more value to customers, shareholders and employees."

The transaction values 100 percent of Embraer's commercial aircraft operations at $4.75 billion, and contemplates a value of $3.8 billion for Boeing's 80 percent ownership stake in the joint venture. The proposed partnership is expected to be accretive to Boeing's earnings per share beginning in 2020 and to generate estimated annual pre-tax cost synergies of approximately $150 million by year three.

The strategic partnership will bring together more than 150 years of combined leadership in aerospace and leverage the two companies' highly complementary commercial product lines. The partnership is a natural evolution of a long-standing history of collaboration between Boeing and Embraer over more than 20 years.

On finalization, the commercial aviation joint venture will be led by Brazil-based management, including a President and Chief Executive Officer. Boeing will have operational and management control of the new company, which will report directly to Muilenburg.

The joint venture will become one of Boeing's centers of excellence for end-to-end design, manufacturing, and support of commercial passenger aircraft, and will be fully integrated into Boeing's broader production and supply chain.

Boeing and the joint venture would be positioned to offer a comprehensive, highly complementary commercial airplane portfolio that ranges from 70 seats to more than 450 seats and freighters, offering best-in-class products and services to better serve the global customer base.

In addition, both companies will create another joint venture to promote and develop new markets and applications for defense products and services, especially the KC-390 multi-mission aircraft, based on jointly-identified opportunities.

"Joint investments in the global marketing of the KC-390, as well as a series of specific agreements in the fields of engineering, research and development and the supply chain, will enhance mutual benefits and further enhance the competitiveness of Boeing and Embraer," said Nelson Salgado, Embraer's Executive Vice President, Financial and Investor Relations.

Finalization of the financial and operational details of the strategic partnership and negotiation of definitive transaction agreements are expected to continue in the coming months. Upon execution of these agreements, the transaction would then be subject to shareholder and regulatory approvals, including approval from the Government of Brazil, as well as other customary closing conditions. Assuming the approvals are received in a timely manner, the transaction is expected to close by the end of 2019, 12-18 months after execution of the definitive agreements.

"This strategic partnership is a natural evolution of the long-standing history of collaboration between Boeing and Embraer on a range of aerospace initiatives over almost three decades," said Greg Smith, Boeing Chief Financial Officer and Executive Vice President of Enterprise Strategy & Performance. "It is aligned with Boeing's enterprise strategy of pursuing strategic investment opportunities where they demonstrate real value and accelerate our organic growth plans. This partnership will strengthen the vertical capabilities of Boeing and enhance value for our customers through the full lifecycle of industry-leading products and services."

Boeing and Embraer will benefit from a broader scale, resources and footprint, including global supply chain, sales and marketing, and services network, which will enable them to capture benefits from best-in-class efficiencies across the organizations. Additionally, the strategic partnership will provide opportunities to share best practices in manufacturing and across development programs.

The transaction will have no impact on Boeing and Embraer financial guidance for 2018 or Boeing's cash deployment strategy and commitment to returning approximately 100 percent of free cash flow to shareholders.

Forward-Looking Information Is Subject to Risk and Uncertainty
Certain statements in this release may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding benefits and synergies of the joint venture and future business prospects, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on current assumptions about future events that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially from these forward-looking statements. As a result, these statements speak only as of the date they are made and neither party undertakes an obligation to update or revise any forward-looking statement, except as required by law. Specific factors that could cause actual results to differ materially from these forward-looking statements include the effect of global economic conditions, the ability of the parties to reach final agreement on a transaction, consummate such a transaction and realize anticipated synergies, and other important factors disclosed previously and from time to time in the filings of The Boeing Company and/or Embraer with the Securities and Exchange Commission.

Inviato dal mio VTR-L09 utilizzando Tapatalk

 

[Max737]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Dal sito del sole 24 ore

La controffensiva di Boeing ad Airbus: acquisita la brasiliana Embraer
di Gianni Dragoni 05 luglio 2018
Boeing conquista la brasiliana Embraer. Il costruttore americano, numero uno mondiale dell’aeronautica, ha raggiunto un accordo per comprare la maggioranza dell’attività di produzione di piccoli jet commerciali di Embraer, avrà l’80% di una società in cui i brasiliani saranno al 20 per cento.
Concentrazione del mercato
L’accordo è stato annunciato oggi dalle due società, dopo alcuni mesi di trattative. È la risposta di Boeing all’offensiva del gruppo franco-tedesco Airbus, che proprio pochi giorni fa ha perfezionato l’accordo per comprare il 50,01% della società che produce i jet commerciali della canadese Bombardier, denominati “C Series”. Con questa doppia operazione il mercato dei jet da trasporto commerciale si concentra intorno ai due costruttori di grandi aerei, Boeing e Airbus. Il duopolio che si spartisce il mercato, che ha come linea di demarcazione i velivoli sopra i 100 posti o quelli sotto tale soglia. I due grandi cominciavano a subire la concorrenza dei “piccoli” nella fascia bassa del mercato, i velivoli da 100 posti e poco più. Bombardier e Embraer sono entrate in questo segmento con massicci investimenti aumentando la dimensione di velivoli più piccoli, i regional jet. Altri costruttori hanno una presenza modesta in questo mercato, tra cui la russa Sukhoi, di cui per alcuni anni è stata azionista anche Finmeccanica-Leonardo.
L’attività di Embraer valutata 4,75 miliardi di dollari
Secondo quanto annunciato da Boeing e Embraer, verrà creata una “joint venture nell’aviazione commerciale”, con le attività di produzione dei jet brasiliani e la manutenzione. L’accordo valuta queste attività 4,75 miliardi di dollari e la quota di partecipazione di Boeing pari all’80% della nuova società vale 3,8 miliardi di dollari. La dichiarazione congiunta non dà indicazioni se Boeing farà dei pagamenti in base all’accordo. ll comunicato dice che l’operazione aumenterà gli utili per azione di Boeing a partire dal 2020 e che saranno generati risparmi del valore di 150 milioni di dollari l’anno prima delle tasse a partire dal terzo anno. Il management, compreso il presidente e amministratore delegato, sarà brasiliano, ma Boeing avrà il controllo della società e della gestione.
Un accordo anche per l’industria della difesa
Il piano originario di Boeing di comprare Embraer era stato respinto dal governo brasiliano, contrario al passaggio a proprietà di un gruppo straniero delle attività nella difesa. Oltre all’accordo nei jet commerciali, Boeing e Embraer hanno detto che verrà creata una seconda joint venture per promuovere e sviluppare nuovi mercati e applicazioni per prodotti e servizi militari, specialmente l’aereo militare da trasporto multi-missione Kc-390. I jet Embraer sono anche nella flotta di Alitalia (ne ha 20), inoltre sono l’aereo adottato da Air Dolomiti, la compagnia italiana interamente controllata da Lufthansa che sta crescendo a ritmi importanti sia nella flotta sia nei passeggeri.
La mossa di Airbus su Bombardier
La prima mossa che ha dato origine a questa rivoluzione dell’industria aeronautica è stata fatta lo scorso ottobre da Airbus, con l’accordo per acquisire il controllo dei jet canadesi C Series, un programma di aerei innovativi tra i 100 e 150 posti che, a causa di ritardi e aumento dei costi, ha messo in difficoltà finanziarie Bombardier. Il primo jet C Series da 120 posti è entrato in servizio nel 2016 con Swiss. Con il perfezionamento dell’accordo, avvenuto il primo luglio, Airbus possiede il 50,01% del capitale della società C Series Aircraft limited partnership (Csalp), mentre Bombardier detiene il 34% e Investissement Québec il 16% circa.
Il commento di Giordo, ex Alenia
All’epoca l’ex amministratore delegato di Alenia, Giuseppe Giordo, che da maggio 2016 è a Praga alla guida di Aero Vodochody, fece questo commento, riportato dal Blog Poteri Deboli il 2 novembre 2017: «L’accordo tra Airbus e Bombardier sui C Series è una grossa operazione, segna una svolta nell’industria aeronautica. Ci saranno solo i grandi e i piccoli, non i medi. E dà l’idea di come qualcuno sia totalmente fermo. (...) È guerra totale Boeing Airbus. E Bombardier si trova in mezzo. Adesso come reazione Boeing potrebbe cercare di unirsi a Embraer». Ed è quello che è successo.

http://www.ilsole24ore.com/art/notizie/2018-07-05/boeing-conquista-jet-commerciali-embraer-155211.shtml?uuid=AECMDcHF

 

[TW 843]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Domani 27 febbraio Embraer E195 E2 Profit Hunter sarà a Milano per presentazione a vettore italico.

In arrivo da Zurigo:
https://flightaware.com/live/flight/PRZIQ

 

[Manarch]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Domani 27 febbraio Embraer E195 E2 Profit Hunter sarà a Milano per presentazione a vettore italico.

Air Dolomiti?

 

[Farfallina]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Domani 27 febbraio Embraer E195 E2 Profit Hunter sarà a Milano per presentazione a vettore italico.

Air Dolomiti?

Probabile

 

[TW 843]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Demo cancellata.
Sono andati a BCN.
No, non era per EN.

 

[sky3boy]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Demo cancellata.
Sono andati a BCN.
No, non era per EN.

in una logica LH penso che per EN optino per il piccolino di Airbus, magari con un mix A220-100 e A220-300 come hanno fatto con Swiss...

 

[EI-MAW]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Salta tutto, Boeing conferma il ritiro dalla joint venture.


https://www.aeronewsx.com/post/breaking-embraer-and-boeing-terminate-plans-to-launch-joint-venture

 

[belumosi]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Probabilmente il discorso resta in piedi in ottica futura, ma per Boeing al momento è più conveniente che sia lo stato brasiliano a pagare le inevitabili perdite in arrivo per Embraer.

 

[Jambock]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Salta tutto, Boeing conferma il ritiro dalla joint venture.


https://www.aeronewsx.com/post/breaking-embraer-and-boeing-terminate-plans-to-launch-joint-venture

Il comunicato Boeing indicca che l'accordo per il KC-390 Millennium rimane ancora valido.
https://boeing.mediaroom.com/2020-0...ment-to-Establish-Joint-Ventures-with-Embraer


Questa la risposta di Embraer:
(il grassetto è mio)

São José dos Campos, Brazil, April 25, 2020 – Embraer announced today that it is in receipt of Boeing's notice of termination of the Master Transaction Agreement (MTA) with Embraer.

Embraer believes strongly that Boeing has wrongfully terminated the MTA, that it has manufactured false claims as a pretext to seek to avoid its commitments to close the transaction and pay Embraer the US$4.2 billion purchase price. We believe Boeing has engaged in a systematic pattern of delay and repeated violations of the MTA, because of its unwillingness to complete the transaction in light of its own financial condition and 737 MAX and other business and reputational problems.

Embraer believes it is in full compliance with its obligations under the MTA and that it has satisfied all conditions required to be accomplished by April 24, 2020.

Embraer will pursue all remedies against Boeing for the damages incurred by Embraer as a result of Boeing's wrongful termination and violation of the MTA.

Embraer remains today a successful, efficient, diversified and vertically integrated company, with a history of serving customers with highly successful products and services built on a strong foundation of engineering and industrial capabilities. Embraer is an exporter and technology developer, with global presence and defense, executive and commercial businesses. Our employees will proudly continue to provide for our clients the high quality products and services they depend on from Embraer every day.

Our history of over 50 years is lined with many victories but also some difficult moments. All of them were overcome. And that’s exactly what we are going to do again. Overcome these challenges with strength and determination.

https://embraer.com/global/en/news?...y-terminated-the-master-transaction-agreement


Eventuali dispute legali a parte, sarà interessante vedere come Embraer si muoverà nel futuro...
Purtroppo l'E2 non sta avendo il successo di vendite del CSeries / A220, e il mercato Regional rischia di "frammentarsi" con anche Comac, Mitsubishi e Irkut.

 

[13900]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Il comunicato Boeing indicca che l'accordo per il KC-390 Millennium rimane ancora valido.
https://boeing.mediaroom.com/2020-0...ment-to-Establish-Joint-Ventures-with-Embraer


Questa la risposta di Embraer:
(il grassetto è mio)


https://embraer.com/global/en/news?...y-terminated-the-master-transaction-agreement


Eventuali dispute legali a parte, sarà interessante vedere come Embraer si muoverà nel futuro...
Purtroppo l'E2 non sta avendo il successo di vendite del CSeries / A220, e il mercato Regional rischia di "frammentarsi" con anche Comac, Mitsubishi e Irkut.

L'E2 paga lo scotto di essere poco più che una 'rimotorizzazione', mentre il CSeries è tutto nuovo e mi dicono performante. Poi, ma questa non l'ho seguita bene, mi sembra di aver capito che l'E175-E2 sia troppo grosso/pesante/quello che è per essere usato dalle regional "non-mainline" in America?

 

[FlyKing]

Re: Boeing vuole acquistare Embraer e creare il nuovo colosso dei cieli

Poi, ma questa non l'ho seguita bene, mi sembra di aver capito che l'E175-E2 sia troppo grosso/pesante/quello che è per essere usato dalle regional "non-mainline" in America?

Esattamente.
La macchina non rientra nella famosa “scope clause”, in quanto sovrappeso di quasi 7 tonnellate rispetto alle limitazioni vigenti (37t MTOW e 76 posti max). Embraer era ben conscia, ai tempi della concezione del progetto, che il 175 E2 non sarebbe rientrato nei limiti di peso, ma era altrettanto convinta di essere in grado di cambiare la norma prima dell’entrata in servizio, cosa che non è ovviamente avvenuta. Sono le stesse ragioni che hanno spinto Bombardier a produrre ad hoc il CRJ 550 per UA, un 700 con 50 posti per abbassare il MTOW, e Mitsubishi a riprogettare lo SpaceJet 70.