BRUSSELS, Feb 22 (Reuters) - U.S. industrial group United Technologies (UTX.N) won European Union regulatory approval on Monday to buy the security business of General Electric (GE.N), boosting its operations in the domestic market.

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"The (European) Commission's market investigation confirmed that the proposed acquisition would be unlikely to raise competition concerns," the European Union executive said in a statement.

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GE Security, part of GE Technology Infrastructure, has about 4,700 employees in 26 countries. Rivals in the security industry include Tyco International (TYC.N), Stanley Works (SWK.N) and Japan's Secom Co Ltd (9735.T).

Hurt by the economic downturn, GE is trimming its diverse stable of businesses.

(Reporting by Foo Yun Chee, editing by Dale Hudson)

United Technologies Said to Lead GE-Security Bidding (Update3)

By Rachel Layne and Zachary R. Mider

http://www.bloomberg.com/apps/news?pid=20670001&sid=asue85XqEJQc

Oct. 27 (Bloomberg) -- United Technologies Corp. has emerged as the frontrunner in the bidding for General Electric Co.’s fire alarm and surveillance systems unit, said a person familiar with the matter.

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GE, which doesn’t break out earnings for the division, last year predicted the security unit would have about $3 billion in sales by 2011, up from more than $1.8 billion in 2007.

The company built the security unit via acquisition, including the $1.4 billion purchase of fire prevention equipment maker Edwards Systems Technology from SPX Corp. in 2005. GE agreed to sell an 81 percent stake in a part of its security division, the Homeland Protection unit that sells technology for airports, to Paris-based Safran SA for $580 million in April.

United Technologies has walked away from deals in the past, including an effort to buy Honeywell International Inc. in 2000. GE offered more for Honeywell than United Technologies, which didn’t raise its own offer. The GE-Honeywell transaction was eventually blocked by the European Union.

United Technologies also withdrew an unsolicited bid for North Canton, Ohio-based Diebold Inc., the maker of automated bank teller machines. The bid was pulled in October 2008 after Diebold’s board spurned requests for due diligence and management discussions.