At a time when UNITED TECHNOLOGIES and HONEYWELL are mooting a merger of their groups, GE - GENERAL ELECTRIC, the world's biggest conglomerate ($ 550 billion de dollars market capitalisation) is thwarting their scheme by offering to buy HONEYWELL for $ 44 billion, a sum which the latter has agreed to accept. This will be the biggest takeover operation in industry's history and will take the form of swapping shares by way of 1,055 GE shares for one HONEYWELL share. Operating in the field of electricity production and distribution, household electrical appliances, aircraft engines and aircraft leasing, GE has a workforce of 340,000 and is expected to log a turnover of more than $ 130 billion in 2000. Specialising in aeronautics, composite materials, energy and transport equipment, HONEYWELL has a workforce of 120,000 and an annual turnover of $ 25 billion. The US photocopier producer, XEROX CORP is negotiating the sales of its XEROX CREDIT CORP division to GE CAPITAL, GE's financial arm.