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Defence Minister Peter MacKay inspects a new Canadian military Sikorsky CH-148 Cyclone helicopter at 12 Wing Shearwater in Halifax on May 26, 2011.
Defence Minister Peter MacKay inspects a new Canadian military Sikorsky CH-148 Cyclone helicopter at 12 Wing Shearwater in Halifax on May 26, 2011.
(Andrew Vaughan/The Canadian Press)

United Tech activist bulwark looks robust – for now

The anti-activist ramparts around United Technologies look mostly robust. Recent speculation that the $100-billion (U.S.) conglomerate might sell its helicopter maker Sikorsky raises questions about whether a larger breakup could benefit shareholders. A Breakingviews analysis suggests United Tech’s pieces could be worth 8 per cent or so more than the whole. That gap isn’t yet wide enough to give an investor serious grounds to agitate for asset sales.