After its previous deal with Deere & Company was thwarted by the federal government, Monsanto is instead selling its high-speed planter division to AGCO.
Antitrust regulators from the U.S. Department of Justice sued Deere last year to block its purchase of Monsanto’s Precision Planting company, arguing the sale undermined competition.
The government’s complaint alleged that Deere would effectively control 86 percent of the U.S. market for high-speed planters, but the defendants countered there is no distinct market for such equipment.
The defendants also claimed the complaint was largely filed at the behest of CNH Industrial and Kinze Manufacturing, which opposed the deal with Deere.
In May, Deere and Monsanto dropped their defense of the lawsuit one month before a trial was scheduled to take place in the case.
Source: www.capitalpress.com