Word: ge
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Dates: during 2000-2009
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Weird, huh? Not in the age of globalization--for that, in effect, is what the General Electric Co., United Technologies Corp. and Honeywell International Inc. have just done. Last year GE outbid UTC for Honeywell; American antitrust authorities approved the merger. But--though the game isn't over--the deal appears to have been nixed by the competition division of the European Commission in Brussels, which is headed by an Italian, Mario Monti. (To continue the Connecticut theme, Monti studied at Yale.) For more than 10 years, the commission has claimed jurisdiction over any merger between firms whose combined global...
...From the U.S. standpoint, the week's only truly sour note had nothing to do with the President's performance. It came, rather, with a surprise announcement by Jack Welch, chairman and CEO of General Electric Co. The conditions that the E.U.'s competition authorities wished to place on GE's merger with Honeywell International, Welch said, were deal breakers. Bush may have sympathized, but he did not make the GE deal part of his official business...
JACK WELCH GE's $45 bil bid for Honeywell too sticky for Euro regulators. Rare dud for Neutron Jack...
...Europeans are playing hardball with GE, frustrating CEO Jack Welch's $40 billion-plus Honeywell merger. European Commission regulators fear that the union would give the new entity undue market power. GE, they argue, could bundle its jet engines and Honeywell's avionics, hurting Rolls Royce and other engine suppliers...
...GE told U.S. regulators last month that it was willing to sell Honeywell units--including those making regional jet engines, air-turbine starters and other aerospace products--worth about $2.2 billion in annual revenue. The E.U., though, is demanding divestitures amounting to more than $3 billion. GE says the Commission is exacting too much, undermining the rationale for the deal...