Diversified manufacturer 3M Co on Wednesday terminated its $550 million deal to purchase Avery-Dennison Corp's office and consumer products business.The U.S. Justice Department had in September threatened a lawsuit to block the deal, saying it would result in higher prices and reduced innovation for consumers.The sale would have been left Avery without its brand or the sales and distribution system necessary to compete in the sticky-notes market, the Justice Department said.The proposed deal, announced in January, was to bring together two well-known consumer product families including 3M's Post-It notes and Avery's HI-LITERS markers.
3M Company (3M) is a diversified technology company. Shares of MMM traded higher by 0.26% or $0.24/share to $93.78. In the past year, the shares have traded as low as $71.01 and as high as $94.30. On average, 2876120 shares of MMM exchange hands on a given day and today's volume is recorded at 2609940.
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