Boeing reportedly changes up terms of offer for Spirit AeroSystems

By Bill Peters

Wall Street Journal reports Boeing is now proposing using stock to buy jet-parts manufacturer

After getting close to a more than $4 billion all-cash deal over the weekend, jet maker Boeing Co. is now proposing using stock to buy jet-parts manufacturer Spirit AeroSystems Holdings Inc., the Wall Street Journal reported on Monday.

The Journal noted that Boeing (BA) has chewed through billions in cash, after safety issues this year have grounded some of its planes and led to a drop in deliveries.

Boeing did not immediately respond to a request for comment. Spirit (SPR), when reached, would not comment directly on the report, saying only that "we remain solely focused on providing the best quality products for our customers."

Shares of Boeing were flat after hours. Spirit, whose largest customer is Boeing, fell 1.3%.

The Journal said that under the deal being discussed, Boeing would buy up the portion of Spirit that makes its parts, which include air frames and other components. Spirit would offload its business that produces parts for Airbus (FR:AIR), Boeing's main jet-making rival, the Journal said.

Spirit AeroSystems formed in 2005, after Boeing sold off some operations.

-Bill Peters

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06-24-24 2016ET

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