June 28, 2019 / 1:23 PM / 25 days ago

Third Point tells United Technologies that it opposes Raytheon merger

BOSTON, June 28 (Reuters) - Billionaire investor Daniel Loeb said his hedge fund Third Point LLC will vote against the planned merger of United Technologies Corp and Raytheon Co, saying there is no “strategic rationale for this transaction.”

“We have concluded that the proposed combination of United Technologies and Raytheon is ill-conceived and unlikely to create value for UTC shareholders,” Loeb wrote in a letter to the board of directors at United Technologies. Reuters saw a copy of the letter. (Reporting by Svea Herbst-Bayliss Editing by Chizu Nomiyama)

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