EU Antitrust Office OKs Honeywell Takeover of Building Solutions Company Novar

BRUSSELS, Belgium (AP) - The European Union's antitrust office on Thursday said it conditionally approved the acquisition of the British industrial holding company Novar PLC by aerospace and high-tech manufacturer Honeywell International Inc. In order to get full approval for the $1.7 billion deal, Honeywell needs to sell Esser Italia, Novar's fire alarm business in Italy, since the merger would seriously affect competition in that market. "The Commission considers that this undertaking is sufficient to eliminate its competition concerns," the EU head office said in a statement. British-based Novar has interests in electronics, aluminum extrusion and printing checkbooks, and had already rejected a lower buyout overture from a British investment firm.