BRASILIA (Reuters) – A Chinese antitrust regulator has approved Boeing Co’s <BA> deal to buy a controlling stake in the commercial jet division of Brazilian planemaker Embraer <ERJ>, according to a statement on the regulator’s website.
The Boeing-Embraer deal appears on a list dated Nov. 19 of transactions “approved unconditionally” that is posted to the website of the Chinese State Administration for Market Regulation’s anti-monopoly department.
The document gives no further details, only saying that the case was adjudicated 10 days earlier on Nov. 9.
Boeing, the world’s largest planemaker, has been seeking to finalize its purchase of 80% of Embraer’s commercial jet division in a bid to compete with Europe’s Airbus <AIR.PA> in the market for planes with fewer than 150 seats.
China’s approval comes as EU regulators have delayed a decision until both companies provide additional documents, which Embraer has said it is trying to do as soon as possible.
The companies originally said they expected to close the deal this year.
(Reporting by Jake Spring; Editing by Bill Berkrot)
STRATFORD, Conn., Sept. 24, 2019 /PRNewswire/ — Lockheed Martin (NYSE: LMT) today announced the Sikorsky HH-60W Combat Rescue Helicopter (CRH) program achieved a Milestone C decision from the U.S. Air Force, which moves the program into low rate initial production. The Combat Rescue Helicopter will perform critical combat search and rescue and personnel recovery operations for all U.S. military services. View the latest CRH video
The four instrumented test aircraft at the Sikorsky Development Flight Center in West Palm Beach, Florida, demonstrated their production readiness during rigorous U.S. Air Force (USAF) performance and flight load survey testing. The joint Sikorsky and USAF flight test team has executed over 150 hours of envelope expansion flights, which provided USAF the data necessary to execute a Milestone C decision. This decision allows Sikorsky to begin production of the aircraft, which is based on the venerable BLACK HAWK helicopter.
“This affirmative Milestone C decision validates the modifications to Sikorsky’s most successful BLACK HAWK helicopter, making it capable of saving downed airmen anytime, anywhere around the world,” said Greg Hames, Sikorsky program director. “This establishes the Combat Rescue Helicopter as a production program.”
Prepared for Production
There are five CRH aircraft in various stages of production at Sikorsky’s Stratford facility. Sikorsky employees and our nationwide supply chain are ready to begin production and support delivering this all new aircraft to the warfighter.
The USAF program of record calls for 113 helicopters to replace its predecessor, the Sikorsky HH-60G PAVE HAWKs.
“We have just successfully gained approval to launch the production of a helicopter that will save the lives of our warfighters and our allies all over the world. This decision begins the transition to this more capable and reliable helicopter to fulfill the Air Force’s mission to leave no one behind. I could not be more proud of our government-contractor team for making this happen,” said Col. Dale R. White, Program Executive Officer, Intelligence, Surveillance, Reconnaissance and Special Operations Forces, USAF.
The CRH is significantly more capable and reliable than the HH-60G PAVE HAWK. The aircraft hosts a new fuel system that nearly doubles the capacity of the internal tank on a UH-60M BLACK HAWK, giving the USAF crew extended range and more capability to rescue those injured in the battle space. The CRH specification drives more capable defensive systems and enhances the vulnerability reductions, hover performance, electrical capacity, avionics, cooling, weapons, cyber-security, environmental, and net-centric capabilities beyond the current HH-60G.
The Sikorsky Combat Rescue Helicopter will perform critical combat search and rescue and personnel recovery operations for all U.S. military services. “This decision begins the transition to this more capable and reliable helicopter to fulfill the Air Force’s mission to leave no one behind,” says Col. Dale R. White, Program Executive Officer, Intelligence, Surveillance, Reconnaissance and Special Operations Forces, USAF.
HONG KONG, Aug 25 (Reuters) – The Chinese territory of Macau elected former legislature head Ho Iat Seng as its leader on Sunday – the sole approved candidate.
Ho, who has deep ties to China, is expected to cement Beijing’s control over the special administrative region and distance it from protests in neighbouring Hong Kong.
He secured 392 votes from a 400-member pro-Beijing committee to lead the world’s largest gambling hub for at least the next five years, public broadcaster TDM reported.
The 62-year-old’s highly scripted appointment comes as the former Portuguese colony tries to position itself as a beacon of stability and model for the Chinese government’s “one country, two systems” formula through which Beijing administers Macau and Hong Kong.
Although anti-government protests have roiled the former British colony of Hong Kong for nearly three months, Macau has seen little dissent to Beijing’s rule.
Ho said local youth could resist the influence of Hong Kong’s protesters and support measures to boost patriotism in Macau.
(Reporting by Farah Master; Editing by Raju Gopalakrishnan)
SAO PAULO and CHICAGO, Dec. 17, 2018 /PRNewswire/ — Embraer [B3: EMBR3, NYSE: ERJ] and Boeing [NYSE: BA] have approved to the terms of a strategic partnership that would position both companies to accelerate growth in global aerospace markets.
The approved terms define the joint venture comprising the commercial aircraft and services operations of Embraer, in which Boeing will hold an 80 percent ownership stake and Embraer will hold the remaining 20 percent. The transaction remains subject to approval by the Government of Brazil, after which Embraer and Boeing intend to execute definitive transaction documents. The closing of the transaction will then be subject to shareholder and regulatory approvals and customary closing conditions.
Under the terms of the proposed partnership, Boeing will acquire an 80 percent ownership stake in the joint venture for $4.2 billion. The partnership is expected to be neutral to Boeing’s earnings per share in 2020 and accretive thereafter. Estimated annual pre-tax cost synergies of approximately $150 million are anticipated by the third year of operations.
Once the transaction has closed, 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 Dennis Muilenburg, Boeing chairman, president and chief executive officer. Embraer will retain consent rights for certain strategic decisions, such as transfer of operations from Brazil.
“Boeing and Embraer know each other well through more than two decades of collaboration, and the respect we have for each other and the value we see in this partnership has only increased since we announced our joint efforts earlier this year,” said Dennis Muilenburg, Boeing chairman, president and chief executive officer.
“We are confident that this partnership will deliver great value to Brazil and the Brazilian aerospace industry as a whole. This alliance will strengthen both companies in the global market and is aligned with our long-term sustainable growth strategy,” said Paulo Cesar de Souza e Silva, Embraer president and chief executive officer.
The companies have also agreed to the terms of another joint venture to promote and develop new markets for the multi-mission medium airlift KC-390. Under the terms of this proposed partnership, Embraer will own a 51 percent stake in the joint venture, with Boeing owning the remaining 49 percent.
The transaction is subject to approval by the Government of Brazil, ratification by the Embraer Board of Directors and its further authorization to execute the definitive transaction documents. Once the parties have executed the definitive transaction agreements, the strategic partnership will then be subject to shareholder and regulatory approvals, as well as other customary closing conditions. Assuming the approvals are received in a timely manner, the transaction is intended to close by the end of 2019.
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 the proposed terms of the transaction, the ability of the parties to satisfy the conditions to executing or closing the transaction and the timing thereof, and the benefits and synergies of the proposed transaction, 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.
