Boeing negotiation for Embraer’s commercial division ‘no longer helpful’: CEO

(Reuters) – Boeing Co reached a point where negotiation for Embraer’s commercial aerospace division “was no longer helpful,” chief executive Dave Calhoun told shareholders on Monday at the U.S. planemaker’s annual general meeting.

Boeing, which is working to bring its 737 MAX jet back into service after two fatal crashes, canceled the $4.2 billion deal for the Brazilian company’s regional jet division over the weekend, prompting Embraer to initiate arbitration.

“We worked diligently for two years to finalize the transaction, but ultimately we could not come to a resolution around critical unsatisfied conditions for the deal,” Calhoun said.

(Reporting By David Shepardson in Washington DC and Allison Lampert in Montreal, Editing by Franklin Paul)