GE-Honeywell Deal Reportedly Set
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NEW YORK — General Electric Co., moving with lightning speed, sealed a deal Saturday to buy aircraft electronics giant Honeywell International Inc., sources familiar with the situation said.
It was not immediately clear how much Fairfield, Conn.-based GE had agreed to pay. United Technologies Corp. had offered about $40 billion in stock for Honeywell before its merger talks broke down Friday after GE expressed interest.
GE and Honeywell could not be reached immediately for comment.
Honeywell, based in Morris Township, N.J., is a leading maker of avionics, or aircraft electronics, as well as turbochargers, specialty chemicals and automated control systems. GE is also a leading manufacturer of aircraft engines.
Honeywell shares rose 10 1/8, or nearly 29%, to close at $46 in regular trading Friday on the New York Stock Exchange, giving the company a market capitalization of about $36 billion.
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