NEW YORK (AP) — Shares of the aircraft maker Embraer were up 17 percent following media reports that the Brazilian company has spoken with Boeing about an acquisition.
According to a story Thursday in The Wall Street Journal, Boeing Co. would be willing to pay a big premium for the company that has a market value of about $3.7 billion.
Boeing would get a bigger footprint in the regional jet industry. That is something that rival Airbus is already attempting to do, with plans to buy a majority stake of Canada's Bombardier Inc.
Embraer, however is highly prized by the Brazilian government, which would have to sign off on the deal. According to the Journal, it holds veto power over any sale.
Shares of Embraer SA rose $3.51, to $23.50.