Honeywell abandons pursuit of United Technologies

Honeywell has called off its pursuit of NYSE-listed peer United Technologies due to the target's "unwillingness to engage in negotiations", but had plenty to say about why it still felt a deal made sense.

Although Honeywell saw "compelling value creation", United Technologies fought the merger, citing risks around regulatory and customer issues, despite having initially pursued Honeywell themselves.

"We remain confident that the regulatory process would not have presented a material obstacle to a transaction," said Honeywell on Tuesday.

"United Technologies felt the same way as we do when they approached us in May, 2011 and in April, 2015. In our approach to their chairman and their CEO on February 19, 2016, we had hoped to continue amicable and quiet discussions of a combination.

"In fact, we were told by them during the meeting that such a combination would be fabulous, they would take it very seriously, and they would get back to us with questions within a week in anticipation of their upcoming board meeting."

But in language very reminiscent of a spurned lover, the suitor said having not heard from its object of desire, it was calling the whole thing off.

"Continuing to try to negotiate with an unwilling partner is inconsistent with our disciplined acquisition process," Honeywell said, adding that it would be just fine on its own, or in other words, "a terrific growth story for standalone Honeywell".