From the start, the European Commission approached the merger differently from the
DOJ, focusing on “portfolio” or “bundling” effects. Their concern was that a combined
GE/Honeywell would be a major player in aircraft engines, avionics, and airplane
leasing, and that this bundle would be more likely to lead to market dominance than the
positions in specific markets might suggest. Monti decided to launch an extended
investigation into the merger in February of 2001, which observers expected to last
several months.