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Non-Tech : General Electric (GE) -- Ignore unavailable to you. Want to Upgrade?

To: Captain Jack who wrote (1505)	10/22/2000 9:39:24 PM
From: Captain Jack	Read Replies (1) \| Respond to of 3256

By Patricia Vowinkel NEW YORK, Oct 22 (Reuters) - General Electric Co.<GE.N> said on Sunday it agreed to buy Honeywell International Inc. <HON.N> for $45 billion in stock, in a move to bolster its key aerospace, industrial systems, power and plastics businesses. As part of the deal, the largest acquisition in GE's history, John "Jack" Welch will stay on as chairman and chief executive of GE through the end of 2001, pushing back a planned April retirement in order to see the through the integration of Morris Township, N.J.-based Honeywell. GE was expected to name a No. 2 and heir apparent to Welch, an American business icon who turns 65 in Nov. 19, within the next month or two. A senior member of GE's board, Silas Cathcart, did say in a release, however, that the company planned "to proceed on schedule with succession actions to name a chairman-elect before year end." Michael Bonsignore, chairman and CEO of Honeywell, will become a GE board member, and two more Honeywell directors will join the GE board.