So 3M $MMM-1.5% ended up giving us a nice boost yesterday despite the dire news like it was going to face an existential threat due to another lawsuit that was focused on chemicals and the amount sought was around $145 billion.
3M
MMMHowever, the industrial conglomerate is reportedly nearing a settlement that would resolve massive potential environmental liabilities. The deal alone won't solve everything 3M is worried about. But for investors, it may be reason enough to grow.
What lawsuit am I talking about?
3M is one of the world's largest producers of per-a polyfluorinated alkyl chemicals (PFAS), which are used to make firefighting foams, among other things. PFAS is now considered by some to be a "forever chemical" that remains in the environment after its intended use and has been linked to cancer and other long-term illnesses.
This has led to lawsuits by municipalities seeking funding to clean up sites and purify groundwater, as well as firefighters and other emergency responders who believe the chemicals have affected their health. As lawsuits proliferate, investors are increasingly concerned about how much liability 3M could face.
But it appears that investors may soon have clarity on the issue. On Friday, Bloomberg reported that 3M has reached a tentative settlement of at least $10 billion to resolve water pollution claims related to the chemicals.
As most people have written here, I also wish the lawsuits were over so they could concentrate on business. However, it's not looking good so far.
Finally:)
9% up and I wanted to shop this week... Converting money at Degiro sometimes takes longer than you want :D :(
What are the chances of the negative scenario coming true? ($145 billion) Here's to a brighter tomorrow...
Even if it wasn't a company in my portfolio, I wish they could have managed to push these disputes away and started to focus fully on their business again.
$MMM-1.5% has found a place in my portfolio. 😊
I'm a fan of$MMM-1.5% stock, it's one of the best stocks to invest in for me.
I didn't know the company until I came across it here and the drop was nice. I liked it at first but this is probably the first time I will stop investing because of ethics. I know every company does garbage. Directly, indirectly...nothing is green or ethical for the planet. I admit I like mineral mining companies and that's not good either, I know that. But here I find, as you wrote before, a lot of litigation and big litigation. Those chemicals are really nasty waste and I think it will have an impact on the company in the future too if they go after that environmentalism more and more.