霍尼韦尔Honeywell International Inc. (HON) 2000年年度报告「NYSE」.pdf

1、Dear Shareowner:The past 20 months have beenchallenging and turbulent forHoneywell.Were not happy withhow weve performed duringthis period and neither are you.But weve taken substantialactions to turn things aroundand the results should be obvious in 2002.2000Annual Report and Form 10-KAR Honeywell_

2、part 1.rsr 8/31/01 1:56 PM Page 1Status of Honeywell-GE Merger AgreementHoneywell and General Electric entered into a merger agreement on Oct.22,2000,under which GE would acquireHoneywell,subject to regulatory approvals.The agreement was approved by Honeywell shareowners on Jan.10,2001.On May 2,2001

3、,the companies reached an agreement in principle with the U.S.Department of Justice.But on July 3,2001,the European Commission prohibited the combination.The commission said that“the merger would create orstrengthen dominant positions on several markets and that the remedies proposed by GE were insu

4、fficient to resolvethe competition concerns resulting from the proposed acquisition of Honeywell.”On July 17,2001,the two companies consented to allow each other to engage in certain activities that otherwise wouldhave been prohibited by the merger agreement.The consent covers employment-related iss

5、ues,acquisitions or disposi-tions of assets or businesses,and the issuance or acquisition of securities;it otherwise preserves both parties rightsunder the merger agreement.Under the terms of the agreement,Honeywell has the right to terminate the merger agree-ment on Nov.30,2001.AR Honeywell_part 1.

6、rsr 8/31/01 1:57 PM Page 2The past 20 months have been challenging and tur-bulent for Honeywell.Were not happy with how weveperformed during this period and neither are you.Butweve taken substantial actions to turn things aroundand the results should be obvious in 2002.The tremendous distraction of