3M strikes tentative pollution settlement of at least $10 bln - Bloomberg News (updated)
02/06/2023 17:03
(Adds share movement in paragraph 2, background in paragraph 3
and 5)
June 2 (Reuters) - 3M Co MMM.N has struck a tentative
settlement of at least $10 billion with a host of U.S. cities
and towns to resolve water pollution claims tied to "forever
chemicals", Bloomberg News reported on Friday, citing people
familiar with the matter.
Shares of the company were up about 8% in afternoon trade.
In December, the U.S. industrial conglomerate set a 2025
deadline to stop producing PFAS, the "forever chemicals" used in
anything from cell phones to semiconductors and that have been
linked to cancers, heart problems and low birth weights.
3M did not immediately respond to a Reuters request for
comment.
Other chemical companies including Chemours Co CC.N ,
DuPont de Nemours Inc DD.N and Corteva Inc CTVA.N on Friday
reached an agreement in principle to settle claims that they
contaminated U.S. public water systems with toxic "forever
chemicals" for $1.19 billion.
(Reporting by Priyamvada C in Bengaluru; Editing by Devika
Syamnath)
((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))