United Tech CEO: Still Awaiting Diebold Financials
United Technologies chief executive said the diversified U.S. manufacturer will be unable to proceed with its proposed acquisition of Diebold until it has a chance to review the financial reports of the No. 2 maker of automated teller machines.
"A deal will not be possible until we see the financials," said United Tech CEO Louis Chenevert. "I'd love to see the financials. They have not wanted to talk to us."
United Tech , the world's largest maker of elevators and air conditioners, in March made an unsolicited $2.64 billion bid for Diebold , whose management rejected it as too low.
Speaking to reporters at the world's biggest air show in Farnborough, England, Chenevert noted that Diebold remains behind in its financial reporting.
"It doesn't take five quarters to fix a problem with revenue recognition," Chenevert said.
Diebold has advised investors not to rely on its financial statements for the years 2003 through 2006. On June 30 it said that it expected to release preliminary financial statements for 2007 and the first two quarters of 2008 within the next four to six weeks.
Hartford, Connecticut-based United Tech also makes jet engines and helicopters.