3M Co. said that it remains in talks to buy Avery Dennison Corp.’s office-products unit, just hours after the U.S. Department of Justice announced that the $550 million deal had been abandoned, Bloomberg BusinessWeek reports.
Avery of Pasadena and 3M of St. Paul, Minn. said in a joint statement late Tuesday that they are “working together to explore options to address the DOJ’s concerns, obtain regulatory approval, and complete a transaction."
The Justice Department said Tuesday afternoon that the deal had been dropped after it had moved to block a sale on antitrust concerns. The addition of Avery's Brea-based office products business would give 3M more than 80 percent of the U.S. market for labels and sticky notes, regulators said.
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