Should You Buy 3M Before April 1?
Investors interested in industrial giant 3M (NYSE: MMM) should circle April 1 on their calendar. That's the day the company plans to complete the spinoff of its healthcare business, Solventum. The company will distribute 80.1% of the shares to its existing investors. It will retain the remaining 19.9% of Solventum, which it intends to monetize within the next five years.
With that stock spinoff looming, you might wonder whether you should buy shares of 3M now. Here's why it's better to wait until after April 1 if you really want to purchase shares of the beaten-down industrial conglomerate or its healthcare unit.
3M's board of directors approved the spinoff of its healthcare business earlier this month. It expects Solventum to trade on the New York Stock Exchange under the stock ticker SOLV starting April 1. Existing 3M shareholders will get one share of Solventum for every four shares of 3M they own as of the record date for the distribution, which was March 18.
Source Fool.com
