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NEW YORK, May 1 (Reuters) Boeing Co. is in ''advanced'' discussions to buy aviation parts supplier Aviall Inc. for an estimated $1.7 billion, according to a Wall Street Journal report on Monday.

A deal would be the first big acquisition for Boeing Chairman and Chief Executive Jim McNerney and could be announced as early as Monday morning, the report said, citing unnamed sources.

A deal would give Aviall shareholders about $48 per share in cash, reflecting a 27 percent premium over Aviall's Friday close of $37.70 on the New York Stock Exchange, and the boards of both companies met on Sunday night the report said.

The estimated price would be Boeing's biggest purchase since the 1990s, when it bought McDonnell Douglas Corp. for about $29 billion.

Representatives for Aviall and Boeing could not immediately be reached for comment.

REUTERS MP BST1849