NEW YORK (AP) _ Honeywell International Inc. on Friday proposed reducing the price of General Electric Co.'s takeover offer, in a bid to salvage a deal on shaky ground because of European Union antitrust concerns.

The company offered to reduce the amount of stock GE would pay for Honeywell, effectively reducing the value of the deal from $41.7 million to $39.5 billion, Honeywell said in a statement.