Word: ge
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Welcome to globalization. The collapse of the GE-Honeywell merger shows that companies that benefit from a global market can now be governed in all they do by any of the countries or regions in which they do business. There's no settled code of rules in the global marketplace, just a haphazard collection of local practices and habits. Still, the GE case is extraordinary. Never before have officials outside the U.S. nixed a merger between two giant American corporations already approved by the DOJ. Never before have U.S. companies lobbied so ferociously against their U.S. rivals in a foreign...
...months, nobody thought he would. After Welch stole Honeywell from United Technologies, he said: "This is the cleanest deal you'll ever see." Honeywell and GE were both industrial conglomerates, but their product lines had few overlaps. A combined company, however, would be a powerful force. So United Technologies, Rolls-Royce of Britain--the third of the trio that dominates jet engines--and other businesses were determined to stop the deal...
Things looked no better in Brussels. Since 1990 the European Commission, the executive arm of the 15-nation European Union, has exercised jurisdiction over all mergers between firms with combined revenues of $4.2 billion, of which $212 million must be within Europe. The GE-Honeywell deal easily met the criteria. When U.S. lawmakers ask what business it is of the Europeans if two U.S. companies want to merge, part of the answer is that GE alone employs 85,000 people in Europe and collected $25 billion in revenue there last year...
...foreign ministry in Silvio Berlusconi's new right-wing Italian government. Moreover, Monti was proud of the working relationship he had forged with his American counterparts; he told TIME he had "profound respect" for the U.S. regulators and described his own agency as a "junior institution." Before Christmas, when GE's competitors called on the case officer assigned to the merger, Enrique Gonzalez-Diaz, to persuade him to start a lengthy "phase two" investigation of the deal, Gonzalez-Diaz accused them of whining...
...Spaniard, 39, a native of the Canary Islands, is known as a brilliant mathematician and lawyer, hardworking and intensely ambitious. One source (on the losing side of this case) also calls him "deeply cynical about the motivation of business and a nightmare to deal with." GE's opponents knew they would never convince Monti without first winning over Gonzalez-Diaz. The principals came to a rough division of labor: Rolls-Royce stressed the dangers of allowing GE to "bundle" engines and avionics in packages that other firms couldn't match, and United Technologies concentrated on GE's role...