EC Will Look Closer at GE-Honeywell Deal
The European Commission has decided to launch an investigation of General Electric’s proposed $40.5-billion buyout of Honeywell International Inc., delaying a decision on whether to clear the deal by up to four months. GE said it remains confident of EC approval. EC antitrust chief Mario Monti said the commission has “some concerns about the proposed merger” but declined to elaborate. GE said it involves “concerns about the broad range of aviation product offerings.” Shares of Fairfield, Conn.-based GE closed up 2 cents at $48, while Morristown, N.J.-based Honeywell fell 53 cents to close at $48.15, both on the New York Stock Exchange.
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