Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

3M Approves Stock Buyback of as Much as $12 Billion

Feb. 4 (Bloomberg) -- 3M Co., the manufacturer whose products range from electronics to dental braces, authorized a $12 billion stock buyback, and the shares jumped in late trading.

The plan replaces the current program and has no end date, St. Paul, Minnesota-based 3M said today in a statement. The company didn’t specify how much stock-repurchase authority was left on a $7.5 billion buyback announced in February 2013.

3M’s move built on a 35 percent dividend increase announced in December, when the company said it would spend as much as $10 billion on acquisitions through 2017 and repurchase as much as $22 billion of shares.

“Today’s announcement reflects our continued confidence in 3M’s future,” Chief Executive Officer Inge Thulin said in the statement. “Our plan allows us to increase investments in the business and reinforces our commitment of returning significant cash to shareholders.”

3M rose 2.4 percent to $129.70 at 6:35 p.m. in New York in extended trading, adding to a 2.3 percent advance during the regular session. The shares rose 26 percent in the past 12 months.

To contact the reporter on this story: Thomas Black in Dallas at tblack@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.