It’s June 2001, and Jack Welch has a problem. General Electric’s proposed merger with
Honeywell was to be the crowing achievement of his career, but the European
Commission (the government of the European Union) refused to give its approval unless
GE divested itself of large chunks of its avionics or aircraft leasing businesses. What
should he do? Should he agree to the European Commission’s conditions? Apply
political pressure? Call the deal off? At stake was not only the biggest acquisition of his
career, but his legacy as one of the most revered business leaders of his time.