Turbulence; Europe objects to GE/Honeywell.(acquisition faces obstacles)(Business)(Brief Article)
Economist (US), The, May, 2001
JACK WELCH must be getting used to putting on a brave face. Certainly, said GE 's boss on May 8th, the company had underestimated the difficulty it would face winning regulatory clearance in Europe for its $40 billion takeover of Honeywell, the biggest industrial merger ever. He still hoped, however, that GE could persuade the European Commission to give the go-ahead. Earlier that day, GE 's lawyers had received copies of a 155-page statement of objections to the deal from the commission's "merger taskforce". The deal that is supposed to crown Mr Welch's glittering career is in danger.
Perhaps the great man should have seen this coming. He has three times met Mario Monti, Europe's competition commissioner, and each time he has received bad news. In February,...
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