News Summary: 3M, Avery look for way to save deal
TRYING TO SAVE A DEAL: Office products makers 3M Co. and Avery Dennison Corp. said they will try to address federal antitrust concerns about their deal for 3M to acquire Avery Dennison's office and consumer products operations.
THE BACKGROUND: The Justice Department said Tuesday that the companies had dropped the proposed acquisition. The companies later said they had withdrawn their application for antitrust clearance to work on addressing the government's concerns.
THE PROPOSAL: The proposed deal would have given 3M, maker of Post-It sticky notes, more than 80 percent of the U.S. business in both labels and sticky notes. The Justice Department had threatened to sue to halt the acquisition, saying it would have substantially lessened competition, resulting in higher prices and reduced innovation.