Embraer takes Boeing to arbitration over failed deal as shares plummet

SAO PAULO (Reuters) - Brazil's Embraer SA on Monday said it had begun an arbitration process against Boeing Co , after the U.S. planemaker abruptly canceled a $4.2 billion (3.4 billion pounds) deal over the weekend that was years in the making. Embraer shares fell as much as 16% in Sao Paulo to a more than 8-year low on news of the cancellation, suggesting investors had hoped until the last minute that the takeover agreement would not fall apart. The sudden collapse, triggered by a deadline..