3M Co. still wants to complete a $550 million deal to buy Avery Dennison Corp.'s office-products division, according to a Wednesday morning statement. Read below:
“3M and Avery Dennison have not terminated the purchase agreement governing the transaction. In light of concerns about the transaction raised by the DOJ, the companies have voluntarily withdrawn the notification and report forms filed under the Hart-Scott-Rodino Act.
“The companies continue to believe the transaction would benefit customers and consumers. 3M and Avery Dennison are committed to working together to explore options to address the DOJ’s concerns, obtain regulatory approval, and complete a transaction between the parties.”
The DOJ is concerned the merger would give 3M control of more than 80 percent of the market for labels and sticky notes.
3M announced its plans to purchase the office supplies division more than eight months ago.