3M to convert Sumitomo 3M into wholly-owned subsidiary   [ Japan ]

3M Company announced that it will acquire, through Sumitomo 3M, Sumitomo Electric Industries Ltd.'s 25 percent interest in Sumitomo 3M Ltd. for JPY 90 billion (approximately USD 885 million). Upon completion of the cash transaction, 3M will own 100 percent of Sumitomo 3M. The transaction is expected to close September 1, 2014. (From a press release on July 16, 2014)