(MENAFN- AFP) US industrial giant Honeywell said Tuesday it had abandoned its $90 billion bid to acquire United Technologies "due to their unwillingness to engage in negotiations."
United Technologies rejected Honeywell's offer twice last week, saying it would face antitrust regulatory challenges because the two companies compete in many areas and, on Friday, adding that the offer, $108 a share in cash and stock, was too low.
"Continuing to try to negotiate with an unwilling partner is inconsistent with our disciplined acquisition process," said Dave Cote, Honeywell chairman and chief executive, in a statement.
"We remain confident that the regulatory process would not have presented a material obstacle to a transaction," the company said in the statement.
Honeywell shares jumped 2.9 percent to $104.25 in opening trade after the announcement, while Dow member United Technologies tumbled 3.9 percent to $92.83.
Honeywell has businesses in aerospace, automation and controls, and advanced materials, while United Technologies' businesses include Pratt & Whitney aircraft engines, Otis elevators and heating and climate control products.
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