Ge Honeywell

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The attempted merger between General Electric and Honeywell A case study of transatlantic conflict March 2005 Jeremy Grant (Graduate Institute of International Studies, Geneva) and Professor Damien J. Neven (Graduate Institute of International Studies, Geneva) Financial support from the TMR program on « Competition Policy in international markets » is gratefully acknowledged. The authors would also like to thank all those participants in GE/Honeywell who generously gave of their time to discuss the case. (Acknowledgements to be approved). Thanks are also due to Sarah Nash at JP Morgan in New York. Helpful comments were also received from Dr. Thomas Kirchmaier at the LSE and Selman Ansari at Bates, Wells in London. Abstract…show more content…
In addition, little attention has been given so far to process and procedures. We attempt to gather systematic evidence on these issues; beyond an extensive survey of public sources currently available, we have extended our research through access to non-public sources including submissions to the regulators and other non- public research done at the time of the transaction. We have also conducted interviews with the regulators on both sides of the Atlantic and lawyers representing parties on both sides of the argument3. Part I briefly reviews the Commission’s decision, discusses possible sources of divergence and dismisses some of them as highly unlikely. Part II provides a critical review of the Commission’s decision and highlights differences with the DoJ’s analysis. Buck (2004). Welch and Byrne (2001). 3 One of the authors also attended the GE and Honeywell appeal hearings at the European Court of First Instance in Luxembourg on May 25th and 27th 2004. e 2 1 3 Part III discusses the role that process and procedure have played in the emergence of divergent outcomes. Part 1: The European Commissions Case: The Commission’s case was threefold. GE held a dominant position in the market for Large Jet Aircraft engines (between 43% and 65% depending on how market share
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