HONEYWELL-UNITED TECHNOLOGIES TALKS STALL
TRENTON, N.J.
The Associated Press reports that United Technologies Corp. has ceased negotiations to purchase Honeywell Intl. Inc. after Honeywell revealed it was talking to a new suitor. Honeywell and United Technologies had been considering a deal, reportedly worth about $40 billion, that would have brought together two major manufacturers of industrial and aerospace products. Spokesmen for the two companies declined further comment. It wasn’t immediately clear which company had made an offer for Honeywell, though analysts have identified Tyco Intl. Ltd., General Electric Co. (GE) and Germany’s Siemens AG as possible suitors. All three companies have strong electronic and manufacturing businesses. However, according to reports by the Wall Street Journal (WSJ) and CNBC that cite sources familiar with the talks, GE has made a formal bid for Honeywell. WSJ says that Honeywell’s board was to meet to discuss the offer, also valued at about $40 billion. Honeywell has about 120,000 employees worldwide and earned $1.54 billion on revenue of $23.74 billion in 1999.
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