International Business Machines, signaling that it will...

International Business Machines, signaling that it will stay out of the long-distance business, said it expected to sell its stake in MCI Communications Corp. back to MCI over the next several years. IBM made the disclosure during its annual shareholders’ meeting. Also at the annual meeting, which was held in Richmond, Va., shareholders overwhelmingly rejected a proposal that would have required IBM to cease all sales to its former South African subsidiary. More than 90% of the shares represented at the meeting voted against the proposal, which IBM had opposed.