BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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3M Announces Completion of Solventum Spin-off, Launching New Independent Health Care Company
ST. PAUL, Minn., April 1, 2024 /PRNewswire/ -- In a significant move marking the culmination of its planned strategic realignment, 3M has officially completed the spin-off of its health care business, effectively establishing Solventum Corporation as a standalone entity. Newly listed on the New York Stock Exchange under the ticker SOLV, Solventum embarks on its journey as an independent company with a clear focus on health care innovation.
Mike Roman, the Chairman and CEO of 3M, conveyed his congratulations to both 3M and Solventum teams for their dedication and hard work in realizing this momentous separation. He expressed his optimism about the future trajectories of both companies, noting their strong positions to drive growth, pursue distinct capital allocation strategies, and deliver innovative solutions that create value for all stakeholders involved.
As part of the spin-off process, 3M shareholders were awarded one share of Solventum common stock for every four shares of 3M common stock they owned as of March 18, 2024, the record date for the distribution. This distribution, aimed at U.S. federal income tax purposes, is intended to be tax-free for 3M shareholders, providing a seamless transition for investors. Further details regarding this distribution have been made available to the shareholders.
In a strategic holding move, 3M has retained a 19.9% stake in Solventum’s outstanding common stock, with plans to monetize this investment within the next five years. This approach underscores 3M's ongoing commitment to Solventum's success while maintaining a focus on its core businesses and strategic initiatives moving forward.
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