Honeywell to repurchase up to $5 billion of shares

Mon Apr 25, 2016 10:27am EDT
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(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)

A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, January 28, 2010. REUTERS/ Eric Miller