Summary by Moomoo AI
On March 8, 2024, 3M Company announced the approval by its board of directors for the spin-off of its Health Care business into a new entity named Solventum Corporation. The spin-off will result in the distribution of 80.1% of Solventum's common stock to 3M's shareholders, scheduled to occur before trading opens on April 1, 2024. Shareholders of 3M will receive one share of Solventum for every four shares of 3M held as of March 18, 2024, with cash in lieu of fractional shares. The distribution is expected to be tax-free for U.S. federal income tax purposes. 3M will retain a 19.9% stake in Solventum, which it plans to monetize within five years post-spin-off. Solventum is set to list on the New York Stock Exchange under the ticker 'SOLV'. The spin-off is contingent upon certain conditions outlined in Solventum's Form 10 registration statement. Additionally, Solventum plans to host an Investor Day on March 19, 2024, to discuss the business and its future prospects.