May 4, 2018 / 3:34 PM / 6 months ago

Hedge fund Third Point pushes UTC to split into 3 businesses-letter

BOSTON, May 4 (Reuters) - Billionaire investor Daniel Loeb’s Third Point told investors it has taken a “significant” stake in United Technologies and is urging the conglomerate to split into three businesses.

“To reverse its years of underperformance and realize the full potential of its franchise assets, we believe UTC should split into three focused, standalone businesses: Otis, CCS, and an aerospace company (“Aerospace RemainCo”) encompassing UTAS and Pratt & Whitney,” Third Point wrote in a letter to clients that was seen by Reuters. A more detailed letter was also sent to the company.

Reporting by Svea Herbst-Bayliss Editing by Chizu Nomiyama

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