United Tech says Justice Dept blocks TransDigm deal
(Reuters) - United Technologies Corp (UTX.N) on Thursday said it would not go through with its sale to TransDigm Group Inc (TDG.N) of its pump and engine control business after the U.S. Justice Department raised objections to the deal.
United Tech, which makes jet engines and aircraft electronics, had agreed to sell that operation, which it obtained as part of its $16.5 billion takeover of aircraft component maker Goodrich Corp, at the Justice Department's request and said it would find a buyer acceptable to the department.
The world's largest maker of elevators and air conditioners in July closed the Goodrich deal, its largest ever acquisition. TransDigm, which makes aircraft components, had agreed to buy the pump and engine control business in October. Terms were not disclosed.
(Reporting By Scott Malone)
TOKYO - Asian stocks shrugged off a drop in Wall Street and hovered near three-year highs on Monday, with China taking the lead after data showed a robust jump in profits earned by industrial firms in the world's second-largest economy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.