Embraer shareholders approve $4.2 billion deal with Boeing

The logo of Brazilian aviation company Embraer is seen during the Latin American Business Aviation Conference & Exhibition fair (LABACE) at Congonhas Airport in Sao Paulo, Brazil August 14, 2018. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - Shareholders of Brazilian planemaker Embraer SA on Tuesday approved a deal to sell 80 percent of the company’s commercial jet division to Boeing Co, a move that could reshape the global market for aircraft of up to 150 seats.

Boeing made its bid following a similar deal between Airbus SE and Canada’s Bomardier Inc, which saw the European planemaker take a majority stake in the C Series jets, which compete directly with Embraer.

Reporting by Marcelo Rochabrun