Honeywell to repurchase up to $5 billion of shares

(Reuters) - Honeywell International Inc , 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 , 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)