BREAKINGVIEWS-Elliott puts too many eggs in Honeywell’s basket

reuters11-14

BREAKINGVIEWS-Elliott puts too many eggs in Honeywell’s basket

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jeffrey Goldfarb

NEW YORK, Nov 13 (Reuters Breakingviews) - The pushy fund manager’s effort to cleave the $150 bln conglomerate is backed by its biggest investment ever. A breakup like ones at other creaking empires such as GE makes sense, but invoking those successful splits is risky. A projected uplift of at least 50% looks optimistic.

Full view will be published shortly.

Follow @jgfarb on X

CONTEXT NEWS

Activist hedge fund manager Elliott Investment Management on Nov. 12 called for Honeywell International to split itself into two companies, arguing that there is scope for a 50% to 75% valuation uplift over the next two years by doing so.

In a letter to the company, Elliott said it had accumulated a $5 billion stake and wants the industrial conglomerate to separate its aerospace business from divisions selling products and services in commercial buildings, energy technology and process automation.

Honeywell said it looks forward to engaging with Elliott, adding that it had no prior knowledge of its investment.

Dan Loeb’s Third Point in April 2017 urged Honeywell to spin off its aerospace division. In October 2017, the company said it would spin off two other, smaller businesses.

(Editing by Jonathan Guilford and Pranav Kiran)

((For previous columns by the author, Reuters customers can click on GOLDFARB/jeffrey.goldfarb@thomsonreuters.com))

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