Honeywell, GE Waive Merger Restrictions
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Honeywell International Inc. and General Electric Co. removed a restriction on asset sales from their merger agreement, which is in effect through November even though European regulators blocked the transaction.
GE and Honeywell now can buy and sell assets or repurchase stock without notifying each other, spokesmen for the companies said. Honeywell would have had to pay a $1.35-billion fee if it violated the earlier terms.
Honeywell, which makes aerospace, automotive and chemical products, canceled plans to sell businesses with about $4 billion in sales after agreeing in October to be acquired by General Electric for $47 billion. GE said it also had restrictions on selling assets in the previous agreement.
Shares of Morris Township, N.J.-based Honeywell fell 19 cents to close at $35.90, while GE dropped off 11 cents to close at $46.11, both on the New York Stock Exchange.
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