Word: mergers
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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...
...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...
...shocked we are, and now the Street is being strapped down for another public flogging. It happens after every period of excess, and little good comes from it. In the merger-crazed '80s, Boesky and junk-bond king Milken served time for their roles in insider trading scandals. Yet insider trading thrives. Stocks still jump a day or two ahead of major corporate announcements...
...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...
...litigation. Even the talking heads on CNBC are being dragged into the fray. A pediatrician in New York City recently filed an arbitration claim against celebrity analyst Henry Blodget, accusing him of keeping a "buy" rating on a downhill dotcom because his employer, Merrill Lynch, was underwriting a merger pegged to the company's share value. Merrill Lynch insists Blodget did not know about the impending merger...