Business News Roundup, March 2
IntercontinentalExchange, the owner of the New York Stock Exchange, said Tuesday that it is considering making a competing offer for the London Stock Exchange Group.
The announcement came a week after the London Stock Exchange and Deutsche Borse said they were discussing a possible all-share merger, the third time the two big European exchanges have contemplated such a deal since 2000.
In 2014, Hachette and Perseus called off a complex, three-way transaction that would have had Hachette buying Perseus’ publishing and distribution divisions, then selling the distribution arm to Ingram Content Group.
Honeywell abandoned a bid worth more than $90 billion for rival United Technologies, saying it did not want to force a deal with an unwilling partner.
United Technologies rejected the offer last week, saying a merger of the two industrial conglomerates would never be approved by antitrust regulators.
During a meeting last month, Honeywell said it was told by United Technology executives that “such a combination would be fabulous” and that “they would take it very seriously.”
At some point the mood soured however, and Honeywell says United Technologies has since been unwilling to engage in negotiations.
United Technologies said Tuesday that Honeywell’s retreat “is the appropriate outcome given the strong regulatory obstacles.”
Construction spending increased in January by the largest amount in eight months as weakness in home building was offset by a solid rebound in nonresidential activity.
The Commerce Department said construction spending increased 1.5 percent in January, the biggest gain since May, following a 0.6 percent increase in December.
Economists are optimistic that construction will continue to show solid gains this year, helping to boost overall economic growth.
Spending on government projects increased 4.5 percent with state and local and federal spending both showing gains.
Factory activity in the United States and China — the world’s top two economies — slowed in February, reflecting and contributing to worldwide economic weakness.
The Institute for Supply Management said Tuesday that its U.S. manufacturing index rose to 49.5 last month from 48.2 in January.
Two Chinese surveys of manufacturing activity released separately Tuesday showed deterioration in February.