Honeywell and United Technologies Corp. (UTC) have made several merger overtures since last year, but the most recent one happened in the last several weeks, according to The Wall Street Journal, and was rebuffed by UTC because of antitrust concerns.
Such a merger would have the potential to create a $94 billion company, according to CNBC. On Monday, Feb. 22, UTC confirmed in a statement that it has previously engaged in “preliminary, exploratory conversations about a range of potential collaborative options with Honeywell.” However, UTC never explored these options further due to “significant regulatory obstacles, customer concerns and valuation issues.”