Still smarting from his defeat in Brussels, Jack Welch nonetheless showed good humor and little bitterness as he spoke last Friday with TIME writers and editors.
Q: You have said you have long wanted to buy Honeywell. So why did you wait until the end of your career?
A: The price was never right. I wasn't aware of it at the time, but our aircraft people had been working with an investment bank on Honeywell for a couple of weeks prior to this coming up in October. Don't forget that last year, Honeywell's stock had lost about 40% of its value....
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