United Technologies, Raytheon offer EU concessions over $120 billion merger deal


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United Technologies, Raytheon offer EU concessions over $120 billion merger deal

Farmington-based aircraft manufacturer, United Technologies Corp. and the Massachusetts-based US defence contractor Raytheon Co., which had been looking to create a whopping $120 billion merger to metamorphosize the world’s largest defence contractor by far leaving behind Lockheed Martins and Boeing Co., recently had proposed concessions to the European Union commission in a bid to address EU antitrust issues over their slated merger, a regulatory filing in the official website of EU commission had revealed on Monday, the 24th of February 2020.

However, latest move of Raytheon and United Technologies Corp., respectively the 3rd- and 11th-largest defence contractor across the globe, came forth as the EU Commission had recently extended its deadline by two weeks for a final decision.

A decision on the merger deal was expected by February 28th, nonetheless, the EU Commission would likely to reach a final decision over the merger between March 13th, EU official website had revealed. On top of that, in a bid to smoothen up the path towards a regulatory clearance for their proposed merger, both Raytheon and UTC had already offloaded some of their assets in January, as UTC had divested a military-focused GPS (Global Positioning System) unit and Raytheon had agreed to a sale of its airborne tactical radios unit to British defence industry conglomerate BAE Systems.