3M Co. struck a tentative settlement of at least $10 billion with a host of US cities and towns to resolve water pollution claims tied to “forever chemicals” the company made for decades, according to people familiar with the proposed pact.
3M, the largest maker of per-and polyfluoroalkyl substances, or PFAS, is weighing the deal to avoid facing its first federal court trial over the waterproofing agent, set to start June 5 in Charleston, South Carolina, the people said. They asked not to be named discussing the matter because it is private.
The company’s shares jumped as much as 11% following the news, with trading volume more than double the daily average. The shares had been down 21% this year through Thursday’s close.
“We don’t comment on rumors or speculation,” 3M spokesman Sean Lynch said in a statement.
The potential deal, which would require board approval, would be on the heels of a $1.185 billion PFAS settlement announced Friday by DuPont de Nemours Inc., Chemours Co. and DuPont spinoff Corteva Inc. over pollution claims tied to DuPont’s manufacture of the compounds.
The two sets of settlements are part of a far larger potential liability PFAS makers face.
By Jef Feeley / Bloomberg
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