AP Photo/Ryan J. Foley

United Technologies Corp. has approached rival aerospace supplies company Rockwell Collins about a merger, according to The Wall Street Journal. Rockwell Collins currently has a market cap north of $20 billion, and a merger would result in a UTC aerospace business that generates around $40 billion in annual revenue.

Why it matters: This could set up a major battle between plane manufacturers and parts suppliers, the former of which have been eating into the latter's business by trying to offer end-to-end maintenance. By merging, UTC and Rockwell Collins would have more leverage in such negotiations with carriers and other plane owners (including the U.S. military), particularly given that the two companies don't have much product overlap.

Cold water from Bloomberg's Broke Sutherland: "UTC CEO Greg Hayes has shown a greater willingness to consider M&A as the company wraps up a commitment to return $22 billion to shareholders through dividends and buybacks. But he's talked about targets in the $250 million to $1 billion range and signaled a bigger bet would be partly dependent on tax reform that gave the company access to its roughly $6 billion in overseas cash. Hayes has also been adamant about not overpaying. Going after Rockwell Collins would seem to go against this deal-making philosophy."

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

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  4. States: California passes 600,000 confirmed coronavirus cases.
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  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
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Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.