3M CO (MMM): M&A transaction — 3M completes spin-off of health care business Solventum; distribution ratio 1:4

3M CO

On April 1, 2024, 3M distributed 80.1% of Solventum shares to 3M stockholders.
Stockholders received 1 share of SOLV for every 4 shares of MMM held as of March 18, 2024.
3M retains 19.9% equity stake in Solventum, measured at fair value.
Solventum listed on NYSE under ticker 'SOLV'; 3M no longer consolidates Health Care.
Pro forma financials reflect Health Care as discontinued operations for 2021-2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.99

3M CO completed a disposition involving Solventum Corporation for pro rata distribution of 80.1% of Solventum common stock to 3M stockholders (closed 2024-04-01).

Action: disposition
Counterparty: Solventum Corporation
Consideration: pro rata distribution of 80.1% of Solventum common stock to 3M stockholders
Closing: 2024-04-01

Exact text from the filing

On April 1, 2024, 3M Company (“3M”) completed the previously announced separation of its health care business (the “Separation”) through the pro rata distribution of 80.1% of the issued and outstanding shares of common stock, par value $0.01 per share, of Solventum Corporation (“Solventum”) to 3M stockholders (the “Distribution”), in accordance with the Separation and Distribution Agreement, dated March 31, 2024, by and between 3M and Solventum, which is included as Exhibit 2.1 to this Current Report on Form 8-K.

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Source: SEC EDGAR

accession 0000066740-24-000044

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