Wednesday, March 05, 2008

Want your ballots counted by a warmongering corporation?

Via Eli of Multi Medium, The New York Times:

The United Technologies Corporation made public on Sunday an unsolicited $3 billion bid for Diebold, one of the largest makers of automated teller machines and voting machines.

United Technologies, which first approached Diebold two years ago, initially made the offer in private on Friday. The bid amounts to $40 a share in cash, or a 66 percent premium over Diebold’s closing price on Friday of $24.12, United Technologies said.

[snip]

In Diebold, United Technologies sees a chance to expand its electronic security business with one of the field’s largest players. Last year, United Technologies bought Initial Electronic Security Systems for about $1.2 billion.

“This transaction creates significant and immediate value for Diebold shareholders with no operational risk, while creating long-term value for U.T.C. shareholders,” George David, United Technologies’ chairman and chief executive, said in a statement on Sunday.

[snip]

On Feb. 19, Mr. David sent Diebold’s board a letter proposing talks about a deal. Two days later, Diebold’s chairman, John N. Lauer, responded that the company’s board had rejected any possible combination. He also said that a deal would not serve Diebold’s interests and requested that United Technologies refrain from contacting its directors.

Mr. Geisler declined to say whether United Technologies would press the bid if Diebold formally declined it, saying only that “we know what our options are.”

Founded in 1859, Diebold grew as a provider of security technology for financial systems. But Diebold was thrust into the spotlight in the 2004 election, when it was criticized over flawed electronic voting machines in Ohio and elsewhere.

More on the background of United Technologies:

United Technologies may be a Fortune 500 company, but it’s not a household name – and most people don’t realize that the maker of Otis elevators and Carrier air conditioners and heaters is a major military contractor. The Hartford, Connecticut-based company makes military helicopters, engines and missile systems. Its subsidiary Hamilton Sundstrand creates flight systems for both commercial and military aircrafts, while UT subsidiary Pratt & Whitney designs and manufactures engines, gas turbines and space propulsion system for military aircrafts. In 2003, United Technologies also acquired the British electronic security company Chubb Ltd.

And here:

HARTFORD, March 30 (AP) — The United Technologies Corporation said on Friday that it had offered $1.16 billion for the electronic security division of Rentokil Initial of Britain, and that it planned to sell its own manned security businesses in Britain and Australia.

Rentokil said its board was expected to accept the offer. The deal still requires regulatory approval and discussions with employee works councils in Europe.

The company’s Initial Electronic Security Group operation sells integrated security systems, intrusion detection, closed-circuit televisions, access control and security software.

The business generated $580 million in sales last year, has operations in Britain, the Netherlands, France and the United States and employs 3,400 people in more than 100 branch locations.

A megacorporation that makes money each time we go to war? And just which candidate promised less jobs but more wars? And this corporation wants to count votes?

What on earth could possibly go wrong?

crossposted at American Street

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