3M says pension plan invested in Amaranth hedge fund
SAN FRANCISCO (MarketWatch) -- Office and electronics giant 3M Co. (MMM : 3m co com News , chart, profile, more Last: 73.56+0.31+0.42%
3:00pm 09/20/2006
MMM73.56, +0.31, +0.4%) confirmed Wednesday that its $9.2 billion pension plan had made investments with Amaranth Advisors LLC, the Greenwich, Conn.-based hedge fund whose bad bets on natural gas prices led it to recently project 35% in losses so far this year. The pension plan of St. Paul, Minn.-based 3M, whose products include Post-it Notes and Scotch tape, has "less than 1%" of its assets with Amaranth, said spokeswoman Jacqueline Berry. "It's very diversified," she said of the plan. Shares in 3M rose 32 cents to $73.57 in afternoon trading
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