Tuesday, May 2, 2017

Monsanto cancels Precision Planting sale to Deere

Monsanto has called off the sale of its Precision Planting LLC business to Deere and Company.

“We are deeply disappointed in this outcome as we remain confident the acquisition would have benefited customers,” said John May, president of agricultural solutions and chief information officer.

Last year the Justice Department said it would block the deal, but Deere and Monsanto said they were ready to present their case for approval.

May said the Justice Department’s “challenge to the transaction was based on flawed assessments of the marketplace.”

Monsanto has, however, been taken over by Bayer AG.

Two agreements related to Deere’s purchase of Precision Planting will also be terminated, including the digital collaboration agreement between Deere and The Climate Corporation, a division of Monsanto.

Also ending is an agreement that would have allowed Ag Leader to expand access to and distribution of certain Precision Planting products and technologies.