General Electric-Honeywell

2000-2001

Upon learning in October 2000 that defense contractor United Technologies (UTX) planned to make an offer for aviation electronics giant Honeywell (HON), General Electric (GE) CEO Jack Welch lined up his own bid. Placing calls from his car, Welch convened his board and had a $45 billion offer within 45 minutes. GE's offer arrived by fax before Honeywell's board had even met to consider UTX's proposal. Antitrust regulators in the European Union said the deal would stifle competition and quashed it by the following summer.