In 2000, when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell.[38] On July 3, 2001, the European Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.".[39] The reasons given were it "would create or strengthen dominant positions on several markets and that the remedies proposed by GE were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell".[39]