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 Honeywell Inc., Minneapolis, said 
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it completed its previously announced sale of 16% of the shares outstanding in its Japanese joint venture, Yamatake-Honeywell, for $280 million.
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 The stake was acquired by a group of 10 Japanese financial institutions and industrial corporations, primarily insurance companies, 
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Honeywell said.
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 Proceeds will be used 
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to repurchase as many as 10 million shares of Honeywell stock, 
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as previously announced.
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 Honeywell said 
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a second sale of Yamatake-Honeywell is still being negotiated.
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 The company, 
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which now holds a 34% stake in the venture, 
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has indicated 
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that it intends to retain at least a 20% stake long term.
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 A 20% stake would allow Honeywell to include Yamatake earnings in its results.
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 A company spokesman said 
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the gain on the sale couldn't be estimated 
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until the tax treatment has been determined. 
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