Monsanto scraps deal to sell Precision Planting to Deere
Monsanto has terminated an agreement to sell its Precision Planting LLC farm equipment business to machinery maker Deere & Co (DE.N), the companies said on Monday, ending a legal fight with antitrust authorities over the deal.
The U.S. 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 U.S. farm equipment manufacturer, had been preparing to argue the case later this year.
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