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HONEYWELL IS IN SETTLEMENT WITH NORTHROP

Honeywell International has agreed to pay $440 million to the Northrop Grumman Corporation to settle antitrust and patent lawsuits filed more than a decade ago. Honeywell will pay $220 million in 2001, with the balance due in July 2002, Northrop Grumman said yesterday. Honeywell, which is based in Morris Township, N.J., also announced that it had agreed to transfer its global interests in Bendix Commercial Vehicle Systems to Knorr-Bremse A.G. The company expects to take an unspecified gain related to the deal in the first quarter of next year, a Honeywell spokesman, Tom Crane, said. And Honeywell reaffirmed its estimate that fourth-quarter earnings would range from 54 cents to 56 cents, excluding one-time charges.

NORTHROP GRUMMAN OFFERS DETAILS OF TAKEOVER

The Northrop Grumman Corporation, the military conglomerate based in Los Angeles, said that it would issue 13.4 million shares and pay $511.6 million in cash as part of its $2.1 billion takeover of Newport News Shipbuilding. Northrop also said it was adjusting its previously announced calculation for determining how much cash will be offered to Newport News shareholders in exchange for their shares. The company said it would offer $43.65 in cash and 0.2542 share of Northrop Grumman to each shareholder electing cash in its offer. Northrop will acquire all the outstanding shares of Newport News and also assume $500 million of Newport News debt.

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