Honeywell Int’l and General Electric Co. announce an agreement that will allow the two companies to buy and sell assets, make employment decisions and other moves without violating the terms of their merger agreement. The European Union (E.U.) blocked the $41 billion deal July 3. GE may appeal, but analysts say the deal is dead. Honeywell CEO Michael Bonsignore resigned after the E.U.’s decision, leaving the helm to predecessor Lawrence Bossidy, who says he will streamline company operations. Bossidy indicates the Honeywell board wishes him to focus on running the company as a standalone entity, not breaking it up.

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