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Honeywell Quits Chase Of UTC

Cal Biesecker By
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Honeywell Quits Chase Of UTC
Honeywell Chairman and CEO Dave Cote. Photo: Honeywell

Honeywell [HON] on Tuesday said it has given up its pursuit of acquiring United Technologies Corp. [UTX] given UTC’s strong objections to the potential combination.Dave Cote, chairman and CEO of Honeywell, said that “continuing to try and negotiate with an unwilling partner is inconsistent with our disciplined acquisition process.”UTC in turn said the Honeywell’s announcement “is the appropriate outcome given the strong regulatory obstacles, negative customer reaction and the potential for a protracted review process that would have destroyed shareholder…

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