3M gains on expanded Amazon partnership, stock warrant deal

3M

Tue 10:25

** Shares of industrial giant 3M MMM.N rise 3.7% to $168 premarket
** Co is expanding its commercial relationship with Amazon AMZN.O and issues a warrant for Amazon to buy 3M stock worth over $521 mln
** Warrant gives an Amazon subsidiary the right to buy up to 3.16 mln 3M shares at $164.89/share over seven years
** About 85% of the warrant shares vest as Amazon purchases 3M's optical connectivity and other data-center products, with full vesting at $6 bln in purchases
** Remaining 15% to be vested until certain milestone-based conditions are met 
** As of last close, 3M stock up 1.2% YTD compared with a 12.3% increase in the S&P 500 index .SPX

 (Reporting by Anand Gopal in Bengaluru)
 ((AnandGopal.R@thomsonreuters.com))