In the dispute over allegedly defective earplugs for the US military, the conglomerate 3M has agreed to a billion-dollar settlement.
A total of six billion US dollars (5.55 billion euros) are to be paid between 2023 and 2029 to settle the legal dispute, as the company announced on Tuesday in St. Paul (US state of Minnesota). 3M wants to pay five billion in cash, the rest is to be settled in company shares. The conglomerate therefore expects a charge of around $4.2 billion before taxes in the third quarter.
The sum in the comparison is slightly larger than the Bloomberg news agency reported a few days earlier, citing insiders. There was talk of $ 5.5 billion. Nevertheless, with the agreement that has now become known, 3M has to put significantly less money on the table than analysts had recently feared. They had estimated the cost at around $10 billion.
The shares had already risen sharply on Monday on the Bloomberg news, by a good five percent. On Tuesday, the 3M paper in NYSE trading temporarily gained another 1.92 percent to $106.12.
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ST. PAUL (dpa-AFX)
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