US antitrust objection blocks 3M-Avery office products deal
WASHINGTON, Sept 4 |
WASHINGTON, Sept 4 (Reuters) - 3M Co is abandoning its plan to acquire Avery Dennison Corp's office products groups after antitrust authorities at the U.S. Justice Department threatened a civil lawsuit to block the deal, the department said on Tuesday.
The department disclosed its objections in a news release, saying the proposed acquisition "would have substantially lessened competition in the sale of labels and sticky notes."
Consumers would have seen higher prices and reduced innovation as a result, the department said.
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