United Tech CEO says Diebold not a "must-have"

BOSTON (Reuters) - The chief executive of United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) said on Tuesday the diversified U.S. manufacturer does not regard Diebold Inc (DBD.N: Quote, Profile, Research, Stock Buzz), for which it has made a $2.64 billion bid, as a "must-have" acquisition.

The No. 2 maker of automated teller machines in March rejected United Tech's $40 per share offer as too low.

"Our offer for Diebold is a very good offer. We feel very good about the $40 we've offered for the company," said Louis Chenevert, president and CEO of the world's largest maker of elevators and air conditioners. "You can expect UTC discipline always ... We will not get lured in and just buy a company without going in and understanding. We like their model, but it's not a must-have."

Diebold in March said investors should not rely on its financial statements for the years 2003 through 2006, and delayed the filing of its 2007 and first-quarter reports with the U.S. Securities and Exchange Commission.

United Tech has disclosed that it holds a 3.5 percent stake in Diebold.

Diebold shares were down 64 cents, or 1.6 percent, to $39.65, while United Tech was down $1.27, or 1.7 percent, to $73.09 on the New York Stock Exchange in afternoon trading.

Diebold shares are up about 39 percent so far this year, with most of that jump coming after United Tech made its bid. United Technologies shares are down 4.5 percent year-to-date.

CONFIRMS 2008 FORECAST

United Tech's CEO also confirmed the company's 2008 profit per share forecast of $4.65 to $4.85.