Monsanto has terminated an agreement to sell its Precision Planting farm equipment business to machinery maker Deere, the companies said on Monday, ending a legal fight with antitrust authorities over the deal.
The US Department of Justice last August filed a lawsuit to block the sale, arguing the deal could make it more expensive for farmers to use fast, precise planting technology. The planned sale was originally announced in late 2015. Financial terms were not disclosed.
Monsanto, the world’s largest seed company, and Deere, the biggest US farm equipment manufacturer, had been preparing to argue the case later this year.
“We are deeply disappointed in this outcome as we remain confident the acquisition would have benefited customers,” said John May, President, Agricultural Solutions and Chief Information Officer.
Full Content: AG Web
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