3M Drops $550M Avery Deal After DOJ Threatens To Sue

Law360, New York (September 4, 2012, 9:27 PM EDT) -- Diversified manufacturer 3M Co. pulled the plug on its $550 million purchase of the office and consumer products business of Avery Dennison Corp. after the U.S. Department of Justice threatened to sue to block the deal over antitrust concerns, the DOJ announced Tuesday.

The deal, announced in January, would have substantially decreased competition in the sale of labels and sticky notes, the DOJ said.

"We welcome the companies' decision to abandon this deal, which raised competitive concerns in the sale of labels and sticky notes," Acting...
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