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3M Company (MMM)

  • Dec. 20, 2010, 3:38 PM
    3M (MMM +1.3%) shares pick up steam on reports that the company is preparing for an early exit of CEO George Buckley next year. Buckley, whose contract expires when he turns 65 in Feb. 2012, has told board members he would like to resign next year, and 3M could make an announcement early in the year about his plans to leave.
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  • Dec. 20, 2010, 11:35 AM
    Some analysts worry 3M (MMM) may be biting off more than it can chew by promising to rev its growth rate through recent acquisitions and 'whizbang' technologies. The pressure of trying to meet its targets could push the company into a major acquisition faux pas.
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  • Dec. 7, 2010, 7:57 AM
    3M (MMM +0.4%) shares its 2011 guidance, and forecasts EPS of $6.17-6.37 vs. analysts' expectations of $6.24. The firm continues to expect 2010 EPS of $5.70-5.74, ex-Medicare costs. 3M sees more acquisitions ahead "to build new platforms for future growth." (PR)
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  • Dec. 6, 2010, 9:04 AM
    3M (MMM) will acquire Swiss toolmaker Winterthur Technologies, a global supplier of precision grinding technology, for $450M. Winterthur serves customers in the growing area of hard-to-grind precision applications in industrial, automotive, aircraft, and cutting tools - a market that is projected to grow by at least 4%/year. (PR)
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  • Oct. 28, 2010, 9:26 AM
    3M (MMM): Q3 EPS of $1.53 beats by $0.02. Revenue of $6.9B (+11%) vs. $6.8B. Shares -3% premarket. (PR)
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  • Oct. 14, 2010, 3:53 PM
    For friendly M&A deals, the tender offer is more in vogue than it has been since the 1980s - thanks in part to a Delaware decision on top-ups in 3M's (MMM) deal for Cogent (COGT).
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  • Oct. 1, 2010, 2:10 PM
    Cogent (COGT +1.4%) received a $1B+ (~$12/share) buyout bid from NEC, according to court papers, yet still went ahead with 3M's (MMM +0.9%) $943M ($10.50/share) takeover offer. A lawsuit alleges that the company’s officials didn’t get enough for shareholders and unfairly structured the deal to deter other bidders.
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  • Sep. 14, 2010, 3:21 PM
    Cogent (COGT), selling itself to 3M (MMM) for $10.50/share - less than what some shareholders say is fair - had an "indication of interest" last month from another suitor at a price higher than 3M's bid. In an SEC filing, Cogent said the "non-binding indication of interest" from an unnamed suitor was in the $11-to-$12-a-share range.
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  • Sep. 9, 2010, 9:07 AM
    3M (MMM) will buy privately-held Arizant Inc., a manufacturer of patient-warming equipment, for $810M in cash. 3M says the acquisition will dilute its earnings by $0.03/share in the first 12 months following completion of the transaction. MMM +0.7% premarket. (PR)
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  • Sep. 1, 2010, 10:24 AM
    Cogent's (COGT +0.2%) third-largest shareholder says it will “vigorously oppose” the tech company’s agreement to sell itself to 3M (MMM +2.5%). Money manager Pointer Capital told Cogent’s board that it believed the firm was worth at least $15/share, or 43% more than 3M's $10.50/share offer price.
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  • Aug. 31, 2010, 9:43 AM
    Wall Street thinks Cogent (COGT +0.1%) is worth more than 3M's (MMM -0.6%) $10.50/share offer price, as Cogent shares closed yesterday nearly 6% above 3M’s offer. Speculation is that other companies with complementary security technology, such as Northrop Grumman (NOC -0.9%) or L-3 Communications (LLL -1.1%), might emerge with counteroffers.
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  • Aug. 31, 2010, 7:38 AM
    3M (MMM) will pay $230M to acquire privately-held Attenti Holdings, a leading supplier of remote people monitoring technologies. The deal will "position our track and trace business as a leader in the high growth electronic offender monitoring market," says 3M. (PR)
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  • Aug. 30, 2010, 8:04 AM
    3M (MMM) agrees to pay $10.50/share to buy Cogent (COGT) in a deal that values the biometric identification firm at $943M. The deal marks an 18% premium to Cogent's closing price on Friday. MMM -0.25%, COGT +17.8%. (PR)
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  • Aug. 20, 2010, 11:45 AM
    Stocks head a for new leg down as the Dow drops 100 points; conglomerates are showing weakness (GE -1.8%; MMM -1.8%; EMR -2.3%), with Tyco (TYC +4.4%) a notable exception as it's set to return to the S&P 500. The dollar still surging: +1.1% against euro, +0.6% against pound, +0.6% against yen, +0.5% against Swiss franc.
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  • Aug. 17, 2010, 8:40 AM
    JPMorgan downgrades 3M (MMM -0.6%) to Underweight from Neutral, pointing to the potential disappointment in 3M's early-cycle growth, partly because of headwinds in its electronics division.
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  • Aug. 6, 2010, 10:56 AM
    Stocks are back off the cliff in recent minutes, with S&P 500 -1.3% to 1,111 and the Dow down triple digits to 10,564. Conglomerates are seeing heavy selling: GE -1.8%, UTX -1.8%, MMM -1.1%, SI -1.4%.
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Company Description
3M Co is a diversified technology company. Its operating segments are Industrial; Safety and Graphics; Electronics and Energy; Health Care; and Consumer segment. Its products include vinyl, polyester, foil and among others.