President Michel Temer said Friday Dec. 22 that there is no chance for Brazil to sell its aircraft company Embraer.
Transferring control over Embraer is not a possibility, Temer told reporters. The statement was made one day after the U.S. daily Wall Street Journal said Boeing was negotiating the acquisition of Embraer.
The Brazilian government holds a golden share in Embraer and has the power to veto any strategic decisions of the company.
“All partnerships are welcome. What is not an option is the transference of control,” said Temer.
Defense Minister Raul Jungmann said Embraer is vital for key technologies in Brazil. According to him, selling Embraer would put a foreign company at the helm of projects concerning Brazil’s geostationary satellite.
“This is about national sovereignty and national interests, and we cannot negotiate that. The Temer administration understands that sovereignty is non-negotiable,” said Jungmann.
The news of negotiations between Boeing and Embraer, which was confirmed by both companies, was welcomed by the market. Embraer’s stock price rose 22.5 percent Thursday.