Honeywell scraps offer to buy United Tech

Honeywell International Inc. (NYSE: HON) this week retracted its $90.7 billion offer to buy competitor United Technologies Corp. (NYSE: UTX).

According to Reuters, Honeywell cited its rival’s unwillingness to engage in negotiations.

Last week, United Tech rejected Honeywell’s offer on the grounds the deal would either be blocked or bogged down by regulatory delays.

At the market’s open Tuesday, UTX was trading at $92.09 per share, down nearly 5 percent from its $96.79 close on Monday. Shares of Honeywell were up nearly 2 percent at $103.61 from $101.81.

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