Word: marios
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...European capital, his last big deal was falling apart. On that day in June, Welch had met twice with Mario Monti, the European Union's Commissioner for Competition. Monti believed that the combination of Honeywell's cockpit controls with GE's engines and powerful aircraft financing division would stifle competition. In other words, he viewed with suspicion precisely those synergies that, for Welch, made the deal so attractive. Monti would approve the merger only if Welch made the kind of concessions that, from GE's standpoint, wrecked its whole point. The next morning Monti called Welch once more, to discuss...
...Mario Monti, the European Commission's chief antitrust enforcer, spoke last week in his Brussels office with TIME bureau chief James Graff...
...President Bush also expressed concern. His own antitrust regulators at the Justice Department let the G.E.-Honeywell marriage - a very neatly matched one-stop-shopping combination of jetliner engines and jetliner avionics that scared G.E.'s European competitors - slide through with only minor alterations. Then head euro-trustbuster Mario Monti and his commission had to go and mess it all up for reasons that struck American backers of American business interests (like Rockefeller and Bush) as a little too, well, nationalistic...
...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 sales are more than $4.3 billion and that do at least $215 million of business in the European Union. GE-Honeywell easily...
...smaller than many think, but there are two senses in which the Atlantic dialogue is moving onto new and, for Americans, unfamiliar ground. The first involves the growing economic power of the European Union. Welch allowed that he was "surprised" by the demands made by Mario Monti, the E.U.'s antitrust commissioner, which only goes to show that one of America's most respected CEOs can't always be well informed. The E.U. has been exercising jurisdiction over mergers between non-European firms for more than a decade, and under Monti's leadership has taken an aggressive line on anything...