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United Technologies, Chubb Reportedly Near Deal

May 26, 2003|From Reuters

LONDON — U.S. industrial conglomerate United Technologies Corp. and British security services company Chubb are nearing a takeover deal that could value Chubb at about $950.5 million, sources close to the situation said Sunday.

The sources in Britain and the United States said talks were at an advanced stage and that an announcement could come as early as next week.

Chubb said in April that it had received a takeover approach from an unnamed party. Sources close to the matter later identified that party as United Technologies of Hartford, Conn.

United Technologies closed down 33 cents at $66.05 on the New York Stock Exchange on Friday.

Chubb and UTC declined to comment on the status of negotiations.

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