3M, Avery withdrawpurchase agreement

3M, Avery withdraw the purchase agreement

7:34 AM, 6th September 2012
3M, Avery withdraw the purchase agreement

ST PAUL, US: 3M and Avery Dennison Corp issued the following statement in response to a news release from the US Department of Justice (DOJ) regarding 3M’s proposed acquisition of Avery Dennison’s Office and Consumer Products business:

“3M and Avery Dennison have not terminated the purchase agreement governing the transaction. In light of concerns about the transaction raised by the DOJ, the companies have voluntarily withdrawn the notification and report forms filed under the Hart-Scott-Rodino Act. The companies continue to believe the transaction would benefit customers and consumers. 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.”

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