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twitterHoneywell deal appears dead
Tuesday, June 19, 2001 | 10:59 a.m.
PARIS -- General Electric Co. President Jeffrey Immelt said in an interview published today there was "zero" chance his company's $41 billion merger with U.S. technology firm Honeywell International Inc. would go ahead.
"The indications we have from the European Commission lead us to think the offer won't be accepted," Immelt told the French daily Le Monde, referring to the executive arm of the 15-nation European Union. The deal has so far failed to win clearance from European regulators.
"We haven't withdrawn the offer because we haven't reached agreement with Honeywell and we don't want to do it unilaterally," he added. On Monday, Honeywell's board of directors reaffirmed its full commitment to the deal.
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