4/27, 4:26 PM (Source: TeleTrader)
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Embraer starts arbitration vs Boeing after no deal

Brazilian conglomerate Embraer S.A. disclosed on Monday it has started an arbitration process against Boeing Co. following the news that the American planemaker withdrew from their $4.2 billion joint venture deal last weekend.

Commenting on the Boeing's decision, President of Embraer partnership and group operations at Boeing, Marc Allen, previously said the two companies were unable to agree on the conditions set in the master transaction agreement.

Embraer's shares sank 11.60% to sell for $5.14 at 9:57 am ET.

Breaking the News / ND