Reuters scoops United Technologies raising $10 billion to $20 billion for major acquisition

Reuters broke the news that U.S. industrial conglomerate United Technologies Corp is lining up $10 billion to $20 billion in financing to support a major acquisition in the United States. Investors immediately began to bid up shares of aerospace companies on the news, betting that United Tech was targeting the sector and could kickstart a new wave of consolidation as governments cut back on defense spending. Reuters reported that Goodrich Corp was a likely target for UTX, sending its shares up 7.4 percent in NYSE trade. The stock soared another 20 percent after hours as competitors began to report UTX’s interest in the aerospace company. Other big stock movers during the day include Rockwell Collins, Textron and Tyco International. RBC Capital Markets issued a note to clients citing the Reuters story, and Bloomberg and the Wall Street Journal also credited Reuters with being first with the news.