GE, Honeywell Deal Faces Review Deadline
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The European Commission is reviewing a General Electric Co. offer to triple its divestitures in a bid to win approval for the acquisition of Honeywell International Inc., sources said.
GE, which made the offer during intense negotiations last week, faces a Thursday deadline for its final proposal to the EC on the proposed $42-billion deal, people familiar with the situation said Sunday.
GE Chief Executive Jack Welch and Competition Commissioner Mario Monti are expected to meet mid-week. GE and the commission had no comment to make.
The biggest stumbling block on Friday was over General Electric Capital Aviation Services (Gecas), which the commission says gives GE too much power over customers. Economists hired by GE says the evidence fails to support the commission’s arguments.
The commission has asked GE to sell or separate Gecas, which purchases new and used aircraft and leases them to airlines.
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