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GE To Buy Honeywell, Welch To Stay
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Business New Haven
10/30/2000
By: BNH
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FAIRFIELD - Moving with lightning speed, General Electric Co. (NYSE: GE), announced October 22 an agreement to buy aircraft electronics giant Honeywell International Inc. (NYSE: HON) of Morris Township, N.J. for about $44 billion in stock in a deal that would deepen its reach in aerospace.
As part of the deal, John F. Welch Jr. agreed to stay on as chairman of GE through the end of 2001. Welch, who turns 65 on November 19, was scheduled to retire next April. GE was expected to name a No. 2 and heir apparent within the next month or two.
GE made its 11th-hour bid for Honeywell on October 20, just one day after Honeywell confirmed it was in merger talks with Hartford-based United Technologies Corp. (NYSE: UTX). UTC had offered about $40 billion in stock, or about $50 a share, before breaking off the talks after GE expressed its interest in Honeywell.
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