HVAC Breaking News

Honeywell Bid Is Likely Dead, Says General Electric

June 18, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
FAIRFIELD, CT — The president of General Electric Co., Jeffrey R. Immelt, told reporters that his company’s proposed $45 billion acquisition of Honeywell will probably be blocked by European regulators and is very likely dead. However, he said that GE would wait to get the final determination next month.

Europe’s antitrust regulators believe the merger would give the company considerable market power in the aviation industry, and asked that GE sell off major parts of its aircraft businesses. The company would not agree to the concessions.

At an air show in Paris, France, Immelt said, “We are very far apart as we sit here today, and fundamentally we are planning our future without Honeywell.”

Jack Welch, chairman and ceo of GE, stated, “Jeff Immelt and I wanted to complete the transaction but we have always said there is a point at which we wouldn't do the deal. The [European] Commission's extraordinary demands are far beyond that point.… In this case, the European regulators’ demands exceeded anything I or our European advisors imagined, and differed sharply from antitrust counterparts in the U.S. and Canada.” According to the New York Times, United Technologies, which had earlier lost out to GE in its attempt to acquire Honeywell, is now considering another bid.

The European Commission’s decision on the GE-Honeywell merger is set to be made by July 12.

Publication date: 06/18/2001

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

NEWSmakers: Julian Scadden

Training is an ongoing process. Julian will discuss how you can generate maximum return on time and energy invested training by following a three part process. Listen to this podcast to get expert tips on training, tracking and follow up. 

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con