united technologies nixes honeywell merger
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Chief Executive Greg Hayes:

United Technologies nixes Honeywell merger

Arab Today, arab today

Arab Today, arab today United Technologies nixes Honeywell merger

United Technologies's businesses include Pratt & Whitney aircraft engines
New York - Arab Today

United Technologies chief executive Greg Hayes said Tuesday that a merger with Honeywell would not work.

After weeks of discussions, Hayes said in a CNBC television interview, "what became apparent to us is that it just can't happen, can't happen from a regulatory standpoint, from a customer standpoint."

"There's no path forward that we could see opportunistic," he added.

"It ain't gonna happen."

CNBC had reported Monday that Honeywell initiated the merger talks within the last two weeks, offering United Technologies a premium in stock and cash.

A deal would create an industrial technology giant with about $95 billion in annual sales.

But there had been some concern that the merger would not clear antitrust review, given that both companies are major suppliers to Boeing and Airbus, according to reports.

Later Tuesday after markets had closed, Honeywell made clear it was still interested in a tie-up which it said could result in $3.5 billion in annual cost savings.

"We do not see the regulatory process as a material obstacle to a transaction. In fact, a combination would benefit our customers and enhance our ability to offer a more comprehensive and compelling suite of technologies to serve their needs," the company said in a statement.

"A combined Honeywell and United Technologies would maintain a strong investment grade rating, and have higher free cash flow and a rapid deleveraging profile."

But it stopped short of saying whether it would make an offer for United Technologies, which has a $76.6 billion market valuation.

United Technologies shares finished down 0.8 percent at $91.60, while Honeywell rose 0.9 percent to $103.64.

The two sides have reportedly held intermittent merger talks over the last year or so.

Besides aerospace, Honeywell has businesses in automation and controls and advanced materials. United Technologies's businesses include Pratt & Whitney aircraft engines, Otis elevators and heating and climate control products.
Source :AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

united technologies nixes honeywell merger united technologies nixes honeywell merger

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

united technologies nixes honeywell merger united technologies nixes honeywell merger

 



GMT 16:52 2017 Tuesday ,21 February

Iraqi troops push into Daesh-held southern

GMT 10:50 2017 Tuesday ,05 December

Technip lands Bahrain refinery mega contract

GMT 08:12 2017 Monday ,10 April

Minister receives School Mini Olympics winners

GMT 13:15 2017 Thursday ,31 August

Al-Basher Arrives in the Holy Land

GMT 18:19 2017 Tuesday ,17 October

Producers' group moves to expel Weinstein

GMT 13:00 2015 Sunday ,18 October

DEWA participates in 11th Women’s Forum in France

GMT 15:48 2017 Wednesday ,22 February

GOIC Encourages Paper Industry in GCC States

GMT 02:41 2016 Tuesday ,08 November

US, Turkey COS held talks on Syria, Iraq

GMT 23:18 2017 Wednesday ,22 November

HRH Premier lauds Bahrain's ability to host major events
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday