Boeing, which is contending with the economic fallout from the pandemic and the grounding of its 737 Max jets, said Saturday that it had terminated an agreement to buy 80 percent of Embraer’s commercial jet business for $4.2 billion.

Walking away from the deal will help Boeing conserve cash at a time when it is facing a litany of problems. The spread of the coronavirus forced the aerospace giant to temporarily close factories, although it has reopened some of them. And a steep drop in travel has prompted airlines around the world to cancel orders.

Boeing said it had decided to end two years of talks with Embraer, a Brazilian plane maker, after a Friday night deadline passed without Embraer meeting certain conditions, which Boeing would not specify.

Embraer called Boeing’s claims “false” and said it would seek unspecified damages.

The initial agreement, struck two years ago, would have given Boeing access to Embraer’s line of smaller planes to compete with its chief rival, Airbus, for regional jet orders.