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Few Potential Tax Inversion Targets Among U.S. Industrials: CS 2014-05-19 18:39:04.134 GMT
By Rachel Layne May 19 (Bloomberg) -- Eaton “may make sense as a target” if split into electrical and industrial cos., though “we do not think such a split is likely or imminent,” Credit Suisse analysts Julian Mitchell, Charles Clarke and Jonathan Shaffer write in note. * UTX, HON and GE unlikely to seek inversion given share of govt.-related activity * An SWK-ALLE merger would have antitrust issues in the U.S. * DOV, if “serious about undertaking large M&A” in fluids, possible targets are PNR/SUN SW (Ireland/Switzerland based respectively); deal size could be “off-putting” * EPG conf. M&A “rhetoric likely to step up” as GE, JCI, SIE GR already announced acquisitions >$1b * UTX most likely to act in next 12-18 mos * NOTE: Earlier, HON targets $10b+ in M&A over next 5yrs * NOTE: EPG conf. began today, click here for schedule * NOTE: May 14, Sen. Levin considering inversion moratorium
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To contact the reporter on this story: Rachel Layne in Boston at +1-617-210-4634 or rlayne@bloomberg.net To contact the editor responsible for this story: Brad Skillman at +1-212-617-2763 or bskillman1@bloomberg.net