GE Tries to Close Deal for Honeywell
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General Electric Co. Chief Executive Jack Welch met with European Competition Commissioner Mario Monti in Brussels, offering to divest more units to soothe antitrust worries and win approval to purchase Honeywell International Corp., sources said.
GE faces a deadline of midnight tonight, Brussels time, to make its final offer and close the $42-billion acquisition.
GE offered to divest a package of Honeywell products that include avionics, jet engines, engine starters and ground proximity warning systems, sources said.
The company was trying to address the European Commission’s concerns that acquiring Honeywell will give GE a dominant position in manufacturing jet engines, avionics and other parts for large commercial jet aircraft.
The Justice Department approved the acquisition earlier this year, but the commission has said the transaction fails to comply with European Union rules assuring fair competition.
GE shares fell 92 cents to close at $47.85 on the New York Stock Exchange.
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