Honeywell International Inc. approached United Technologies Corp. about a possible merger to unite the aerospace giants, according to a person familiar with the matter.
United Technologies rebuffed the approach due to concerns that a tie-up may fail to pass antitrust regulatory reviews, said the person, asking not to be identified as the situation is private. The companies have held talks within the past two weeks about a possible deal, CNBC first reported Monday, citing unidentified people familiar with the situation.
Representatives for United Technologies and Honeywell declined to comment.
United Technologies shares surged 4.7 percent to $92.37 at the close in New York, giving the company a market value of about $77 billion. Honeywell fell 2 percent to $105.17, valuing the company at about $81 billion.