Honeywell Breakup Would Tee Up Megadeals: Industrial Strength

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Breaking Honeywell International Inc. up would make the company simpler. It would also create opportunities for monster-sized deals.

Elliott Investment Management this week disclosed a more-than $5 billion stake in Honeywell, one of the last remaining large industrial conglomerates, confirming an earlier Bloomberg News report. Elliott is pushing for Honeywell to carve out its aerospace arm into a standalone entity, echoing an idea that was initially floated by fellow activist investor Third Point LLC in 2017, which was ultimately dismissed by the company.

Such a split would leave behind ...