3M Company (NYSE:MMM) reached a tentative settlement with a large number of U.S. cities and towns to resolve pollution claims over per-and polyfluoroalkyl substances, or PFAS, according to a report Friday from Bloomberg, citing people familiar with the matter. The settlement is said to be for at least $10 billion.
3M’s "forever chemicals" settlement would follow an announcement from Chemours Co (NYSE:CC), Dupont De Nemours Inc (NYSE:DD) and Corteva Inc (NYSE:CTVA) (CTVA earlier today for an agreement in principle to comprehensively resolve all PFAS-related drinking water claims “of a defined class of public water systems that serve the vast majority of the United States population.”
The agreement, which totaled $1.185 billion sent shares of Chemours and DuPont sharply higher, with shares rising 24% and 8%, respectively. Corteva gained about 4%.
3M’s stock had a similar reaction to the rumored settlement, rising about 9%.
If 3M is successful in reaching an agreement, it would avoid a federal trial that is set to start June 5 in Charleston, South Carolina.