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According to sources familiar, John F. Welch Jr. agrees to extend his tenure as chairman of General Electric Co. until the end of 2001 as part of GE's $44 billion bid to acquire Honeywell International Inc. Mr. Welch had previously planned to retire in April, but the unexpected bid for Honeywell prompted him to stay on. He also intends to name a No. 2 executive who will be his presumed successor within the next four to six weeks. The bid from GE has disrupted Honeywell's planned merger with United Technologies Corp., which was worth $40 billion.
Saturday, 21 October, 2000