Boeing announced Saturday it was pulling out of a $4.2 billion deal to acquire the commercial plane division of its Brazilian rival Embraer.
The companies had planned to form a joint venture in which Boeing would take an 80 percent stake in that division. The deal had been due to be finalized no later than Friday.
But Boeing said Saturday it was exercising its right to pull out of a preliminary deal reached in July 2018. It said in a statement, "Embraer did not satisfy the necessary conditions."
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