Honeywell to repurchase up to $5 billion of shares
(Reuters) - Honeywell International Inc (HON.N: Quote), a U.S. manufacturer of aerospace parts and climate control systems, said its board authorized the company to repurchase up to $5 billion of its common stock.
In March, Honeywell had scrapped its $90.7 billion offer to buy rival United Technologies Corp (UTX.N: Quote), citing the company's unwillingness to engage in negotiations.
Honeywell had 762.1 million shares outstanding as of March 30.
Shares of the company were down nearly 1 percent, and have gained about 11 percent in the last 12 months.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)
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