After initially indicating that they would restructure their deal in light of Department of Justice antitrust concerns, Avery Dennison Corp. and 3M Co. have now decided to abandon 3M’s proposed purchase of Avery Dennison’s office and consumer products business division.
The DOJ claimed that the deal would eliminate 3M’s main rival and give the giant conglomerate a label and sticky note market share in excess of 80%, which would likely lead to higher prices.
Avery Dennison maintained it will continue its efforts to sell its office and consumer products division.