Brazilian commercial and military aircraft manufacturer Embraer [ERJ] on Monday said it has “commenced arbitration proceedings” following Boeing’s [BA] announcement last Saturday that it has terminated an agreement with Embraer to create joint ventures in commercial aviation and a military cargo plane. After Boeing announced its termination of the Master Transaction Agreement (MTA) due to what it said were unsuccessful negotiations to resolve certain conditions with the deal, Embraer followed on Saturday with its own statement that Boeing was wrong to end its agreement and wanted to avoid paying the company $4.2 billion.
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