Brazil’s Embraer SA on Monday said it had begun an arbitration process against Boeing Co , after the U.S. planemaker canceled a $4.2 billion deal over the weekend that its former partner saw as crucial to its long-term success. Embraer shares fell 14% in Sao Paulo on the news. The sudden collapse of the deal, triggered by a deadline that Boeing refused to extend, drew an irate response from Embraer.
