"I can say that at $108, this is already an incredible deal, or, I should say, was an incredible deal," Cote told Jim Cramer on Wednesday. "... There was a lot of value there already, but if they don't want to do it they don't want to do it."
He says the deal would have been smart for shareholders for both firms, but he rejected the idea of trying to force a deal by going hostile. "I was pretty clear from the beginning with investors that I'm not going to do that," he said. "We've got plenty of other opportunities."
Cramer spoke with Honeywell's chairman and CEO at the company's annual investor conference, where the company reaffirmed its full-year guidance. Honeywell's bailiwick as an industrial company involves it in everything from aerospace components, climate control systems, security equipment, specialty materials, turbochargers and refining catalysts.
Cote says talks between the industrial giants began about four years ago, when former United Technologies CEO Louis Chenevert approached him, but those early talks fizzled.