Boeing Proposes Remedies As It Seeks EU Green Light For Spirit AeroSystems Deal: Report

Boeing (BA) has reportedly submitted remedies to the European Union (EU) in an effort to secure regulatory approval for its planned buyback of Spirit AeroSystems (SPR).

According to a Reuters report, citing an update on the European Commission's website, the EU competition regulator has extended the deadline for its decision on the deal to October 14.

Last year, Boeing announced it would acquire Spirit Aerosystems in a $4.7 billion deal, which would also see Airbus purchasing the supplier's loss-making, Europe-focused activities.

Retail sentiment on Boeing remained unchanged in the ‘bullish’ territory, with message volumes at ‘high’ levels, according to data from Stocktwits. Shares of Boeing were up 2% during premarket trading on Tuesday.

Reuters noted that the EU is expected to look to seek market input before determining whether to approve Boeing’s proposed remedies or initiate a comprehensive four-month investigation if the commission has serious concerns. Last month, the U.K. antitrust authority gave the deal a green light by clearing it unconditionally.

Separately, Reuters reported, citing U.S. Democratic Representative Adam Smith, that a group of U.S. lawmakers discussed a potential agreement with senior Chinese officials that could lead to increased purchases of Boeing aircraft by China. The U.S. Ambassador to China, David Purdue, noted that the deal is "very important to the president," the report added.

Shares of Boeing jumped nearly 20% this year and have gained over 36% in the last 12 months. 

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