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13 January, 2019 00:00 00 AM
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Embraer shares rise after Bolsonaro approves Boeing merger

AFP, Sao Paulo

The share price in Brazilian airplane manufacturer Embraer rose on Friday as markets reacted favorably to the country’s President Jair Bolsonaro approving a merger with American giant Boeing.

After the share price soared by 7.7 per cent at the start of the day on the Sao Paulo stock exchange, those gains subsided but it still ended with a 2.57 per cent increase from Thursday’s figure.

The rise came a day after Bolsonaro announced he wouldn’t be using his veto powers to block the

merger between two of the world’s three biggest aviation companies.

“The company’s valuation was based on President Jair Bolsonaro’s endorsement,” Glauco Legat, an analyst at consultants Necton, told the news agency, although he warned that it wasn’t enough to consider the deal finalized.

Legat blamed the scaling back in share price gains on the fact that the merger process will be drawn out.

He said it was not related to credit ratings provider S&P Global’s Friday announcement.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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