EMBRAER Shares Rise with News of Russian and Chinese Interest
RIO DE JANEIRO, BRAZIL – EMBRAER’s shares (EMBR3) experienced a highly volatile day on Friday, May 29th. After trading down for much of the morning, the shares began gaining ground at 11:20 AM (Brasília time), successively in and out of auctions after Reuters’ news that the aircraft manufacturer is drawing interest from China’s COMAC and Russia’s IRKUT. At the peak of the day, assets climbed 18.62 percent to R$8.28 (US$1.56).
However, shares fell during the trading session and dropped from a high of over six percent to close with gains of only 2.44 percent, to R$7.15.
Reuters reported that China’s COMAC signaled interest in cooperating with the commercial division of the world’s third-largest jet manufacturer, as two sources reported. Russia’s IRKUT also studied the case, two other sources said, despite the company denying interest in EMBRAER.
According to the agency, India, another rising aerospace power, focused mainly on defense but with a huge civilian market, also signaled interest in studying the matter.
EMBRAER did not comment on the rumors.
In late April, Boeing abandoned plans for a historic arrangement in commercial aviation which, coupled with the contraction scenario in airline operations and expected decline in orders, led to a sharp 18.93 percent drop in Embraer shares in May.
Source: InfoMoney
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