(MENAFN- AFP) United Technologies chief executive Greg Hayes said Tuesday that a merger with Honeywell would not work.
After weeks of discussions, Hayes said in a CNBC television interview, "what became apparent to us is that it just can't happen, can't happen from a regulatory standpoint, from a customer standpoint."
"There's no path forward that we could see opportunistic," he added.
"It ain't gonna happen."
CNBC had reported Monday that Honeywell initiated the merger talks within the last two weeks, offering United Technologies a premium in stock and cash.
A deal would create an industrial technology giant with about $95 billion in annual sales.
United Technologies shares fell 0.5 percent to $91.91 in morning trade, while Honeywell rose 0.1 percent to $104.71.
There had been some concern that the merger would not clear antitrust review, given that both companies are major suppliers to Boeing and Airbus, according to reports.
The two sides have reportedly held intermittent merger talks over the last year or so.
Besides aerospace, Honeywell has businesses in automation and controls and advanced materials. United Technologies's businesses include Pratt & Whitney aircraft engines, Otis elevators and heating and climate control products.
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