UTX United Technologies Corporation

Honeywell International Inc. released a presentation detailing its proposed merger with rival United Technologies Corp., as it looks to keep pressure on reticent United to engage in talks.

Honeywell said its deal valued United at about $108 a share, or about $90.7 billion, in a combined stock-and-cash offer using share prices as of Feb. 18. The offer would have given United shareholders $42.63 a share in cash along with 0.614 share of Honeywell. The Wall Street Journal had reported terms of the offer earlier this week, citing a source.

United Technologies has been averse to a deal, saying earlier this week that combining two of the biggest players in the aerospace and commercial-building equipment businesses "would face insurmountable regulatory obstacles and strong customer opposition." United didn't immediately respond to a request for comment on Friday.

In its presentation, Honeywell said the combined company will have "highly complementary" offerings that also have limited overlap. According to Honeywell, potential regulatory issues would be "easily resolved"

Shares of Honeywell recently edged down 0.1% to $104.05, while United shares rose 1.2% to $99.20.

Honeywell said Friday that it estimates the deal will have about $3.5 billion in cost synergies realized by the fourth year of operations. The company said much of the estimated savings will come from more leverage in prices due to higher volumes and benefits such as consolidating real estate and contract manufacturing.

Honeywell estimates the combined company, which would be led by Honeywell Chief Executive David M. Cote, will have about $97 billion in annual sales and be more diversified across business segments and locations.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

February 26, 2016 10:25 ET (15:25 GMT)

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