'We respect each other' and other things people say in mergers of equals that aren't really equal
United Technologies Corp. Chief Executive Greg Hayes and his counterpart at Raytheon Co., Tom Kennedy, sounded all the familiar notes this week in pitching their proposed tie-up as a merger of equals.
“We’re going to pick the best of both worlds,” Mr. Hayes said in a conference call, promising to combine things like office staff and engineering departments while welding together a $100 billion-plus defense-and-aerospace behemoth. Mr. Kennedy, on the same call, invoked the “one plus one equals three” mantra often used to dress...
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