General Electric is hoping that its proposal to place nearly 20% of its finance leasing arm into institutional ownership will obtain European Commission approval of its $47bn (€53.1bn) acquisition of Honeywell International, according to sources close to the company.

GE and its advisers have submitted a proposal to reduce GE's ownership of GECAS, GE's wholly owned aircraft leasing arm, by 19.9%, through a private placement of shares to financial institutions. GE has also proposed that one of the five directors on the GECAS board should be independent, to be elected by the minority shareholders.