Both companies have implemented Six Sigma, a complex quality- control method. And, being close friends, Mr. Bossidy and Mr. Welch share a brusque, no-nonsense management style. It is this closeness between the two main players that has prompted many analysts and investors to wonder if Honeywell had expected the United Technologies merger to be upended all along. Several analysts were of the opinion that Mr. Bossidy, who retired from Honeywell's board on April 1 but remains a large shareholder, might have been orchestrating a bidding war. If successful, a Honeywell deal would represent a big trophy for Mr. Welch in his last year as GE's chief executive - and pose a heavyweight management challenge for his successor.
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