3M announces $12B buyback, shares +2.6% AH

|About: 3M Company (MMM)|By:, SA News Editor

3M (MMM) is launching a new $12B buyback program. The program replaces 3M's existing authorization, and is good for repurchasing 14% of outstanding shares at current levels.

3M spent $5.2B on buybacks in 2013, and $1.7B just in Q4. Will new debt be issued to pay for additional repurchases? 3M ended Q4 with $4.9B in cash/investments, and $6B in debt.