3M Snaps Up Swiss Grinding Co. For $448M

Law360, New York (December 6, 2010, 2:56 PM EST) -- 3M Co. on Monday announced an agreement to acquire precision grinding technology supplier Winterthur Technologies AG in a public tender offer valued at approximately $448 million, aiming to extend its reach in the realm of abrasive technologies.

As part of the deal, Winterthur’s chairman has said he would tender his 14 percent of the firm’s shares. Winterthur’s board of directors has also unanimously recommended the tender offer to the Swiss company’s shareholders.

The 3M offer is conditioned upon a tendering of 66.67 percent of the shares...
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