Honeywell seeking to buy United Technologies

GMT 14:29 2016 Tuesday ,23 February

Arab Today, arab today Honeywell seeking to buy United Technologies

Honeywell has held talks to acquire United Technologies
New York - AFP

Honeywell has held talks to acquire United Technologies in a deal that would merge two US industrial heavyweights with major aerospace operations, CNBC reported Monday.

Honeywell initiated the talks within the last two weeks, offering United Technologies a premium in stock and cash, the report said, adding that a deal could fall through.

An acquisition would combine two companies with about $95 billion in annual sales.

United Technologies shares jumped 6.0 percent to $93.53 in midday trade. Honeywell fell 1.2 percent to $106.05.

Both Honeywell and United Technologies declined comment.

Among the possible stumbling blocks are concerns on United Technologies' part that a transaction would not clear antitrust review, given that both companies are major suppliers to Boeing and Airbus, the report said.

The two sides have held intermittent merger talks over the last year or so, with United Technologies initially trying to control a combined company and then Honeywell turning the tables after United Technologies' market capitalization fell, CNBC said.

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

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