US industrial giant Honeywell said Tuesday it had abandoned its $90 billion bid to acquire United Technologies "due to their unwillingness to engage in negotiations." United Technologies rejected Honeywell's offer twice last week, saying it would face antitrust regulatory challenges because the two companies compete in many areas and, on Friday, adding that the offer, $108 a share in cash and stock, was too low.
"Continuing to try to negotiate with an unwilling partner is inconsistent with our disciplined acquisition process," said Dave Cote, Honeywell chairman and chief executive, in a statement.