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BREAKING NEWS FROM CNBC'S DAVID FABER: UTX FINANCING WELL BELOW $20 BILLION

WHEN: Today, Friday, September 16th

WHERE: CNBC's "The Strategy Session"

Following is the unofficial transcript of breaking news from CNBC's David Faber. All references must be sourced to CNBC.

DAVID FABER: WELCOME TO THE FRIDAY EDITION OF "THE STRATEGY SESSION." I'M DAVID FABER JOINED BY MY CO-HOST GARY KAMINSKY. WE'LL GET TO SCOTT WAPNER IN A MINUTE TO CHECK ON THE MARKETS. WANT TO START, THOUGH, WITH A STORY THAT HAS BEEN ROILING THE MERGER AND ACQUISITION MARKET TODAY. EARLIER REPORTS THAT UNITED TECHNOLOGIES IS RAISING A HUGE FINANCING, AS MUCH AS OVER $20 BILLION, FOR A POTENTIAL DEAL, HAVE SENT SHARES OF A VARIETY OF POTENTIAL TARGETS, A LA TYCO, UP SHARPLY. WHAT I CAN TELL YOU RIGHT NOW IS THAT THE FINANCING IS NOT FOR $20 BILLION. IN FACT, I'M TOLD BY A NUMBER OF SOURCES, IT IS CLOSER TO PERHAPS $15 BILLION AND THAT ULTIMATELY TYCO IS NOT A TARGET OF UNITED TECHNOLOGIES AT THIS POINT. YOU MAY RECALL, OF COURSE, SOME TIME BACK, SCHNEIDER WAS IN TALKS TO ACQUIRE TYCO. AT THAT TIME, SOURCES CLOSE TO TYCO HAD INDICATED THERE WERE NO OTHER POTENTIAL OFFERS FOR THAT COMPANY. THEY CITED A VARIETY OF REASONS INCLUDING ANTITRUST AND ALSO TAX REGIME. REMEMBER TYCO IS DOMICILED IN SWITZERLAND. IT HAS A LOWER TAX BASE. BUT I CAN TELL YOU AT THIS POINT THAT WHILE THERE MAY BE A LARGE OR THERE IS IN FACT A LARGE FINANCING BEING RAISED FOR UNITED TECHNOLOGIES, AS MUCH AS $15 BILLION, I'M TOLD, THE TARGETS HAVE NOT BEEN FULLY REALIZED AT THIS POINT IN TERMS OF WHAT UNITED TECHNOLOGIES IS THINKING, AS WE WATCH TYCO SHARES SLIP ON THAT REPORT, GARY. INTERESTING TO NOTE. COLLINS, ROCKWELL COLLINS UP SHARPLY AS WELL. AGAIN, THIS POINTS TO WHAT HAS BEEN A RELATIVELY LACKLUSTER M&A MARKET. BUT COMPANIES THAT DO POTENTIALLY WANT TO TAKE ADVANTAGE OF THAT MARKET AT THIS POINT, IF THEY SEE POTENTIAL OPPORTUNITIES. AGAIN, THOUGH, A $20 BILLION FINANCING IS NOT IN THE CARDS. ALTHOUGH A LARGE ONE BEING WORKED ON BY A NUMBER OF BANKS AND, AGAIN, THE TARGET NOT COMPLETELY CLEAR AT THIS POINT. IN FACT, IT MAY NOT BE ANY ONE COMPANY BUT SIMPLY SOMETHING THEY'RE FOCUSED ON. AND IF NOT COMPANY A, PERHAPS COMPANY B.

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