The company responsible for making aircraft parts, Honeywell, has cancelled its $90bn bid in a move that it intended to purchase its rival United Technologies.
On Tuesday, Honeywell said that it has to abandon its efforts because United Technologies is not willing to participate in negotiations.
Last week, United Technologies turned down the offer and said that it was too low as well the regulators would not approve the deal.
The head of the company, Greg Hayes, said that it would be “irresponsible” of them to accept the deal.
He added that the acceptance of the deal would negatively affect operations of United Technologies, talent retention as well as customer operations.
The deal would have led to the creation of the largest aerospace industry in the world.
The chief executive officer of Honeywell, Cote Dave, said that negotiating with unwilling partner is not consistent with their disciplined acquisition process.
United Technologies is a manufacturer based in America. It owns several businesses including elevator manufacture Otis and aircraft engine maker Pratt & Whitney.
The businesses associated with Honeywell focus on automation, aerospace and controls as well as advanced materials. The company specializes on mergers and acquisitions so as to expand. On Tuesday, it finalized the buying of Movilizer. This provides cloud services to the employees that perform maintenance, warehousing and sales activities away from office.
Upon this announcement, the shares of Honeywell rose by 2.3%while those of United Technologies went down by 2.5%.
