3M says not dropping office products deal, to address DOJ concerns
Sept 5 |
Sept 5 (Reuters) - 3M Co said it is not dropping the purchase of Avery Dennison Corp's office products groups, in response to the U.S. Justice Department's statement on Tuesday that the company is abandoning the plan following threats of a civil lawsuit by antitrust authorities.
Earlier, 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."
"3M and Avery Dennison are committed to working together to explore options to address the DOJ's concerns, obtain regulatory approval, and complete a transaction between the parties," 3M said.
The proposed deal, announced in January, was to be a $550 million cash purchase by 3M. It would have brought together two families of well-known consumer products, such as 3M's Post-It notes and Avery's HI-LITERS markers.
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