Newspaper article International New York Times

Regulatory Issues Cited in Scuttled Honeywell Talks

Newspaper article International New York Times

Regulatory Issues Cited in Scuttled Honeywell Talks

Article excerpt

United Technologies on Monday publicly asserted that antitrust regulators would probably reject any deal with Honeywell International.

When the United Technologies Corporation approached Honeywell International about a merger late last spring, it appeared that a union of the two industrial giants could finally come to pass.

Yet after months of discussions, United Technologies broke off the talks, worried about who would run the combined company and whether it would pass regulatory muster.

Since then, Honeywell has pursued a potential merger with its rival, and early last week presented an offer that it valued at about $108 a share in stock and cash, a roughly 25 percent premium to where United Technologies' stock traded at the time, according to people briefed on the matter.

But United Technologies declined that proposal, and on Monday it publicly asserted that regulators would probably reject any deal. …

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