Monsanto Terminates Deal To Sell Precision Planting To Deere

(RTTNews) - Deere & Company (DE) said Monday that it was informed by Monsanto Company (MON) that it has chosen to terminate a 2015 agreement for Deere to acquire the Precision Planting LLC business.

"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 of Deere.

In 2016, the U.S. Department of Justice brought legal action in an attempt to block the transaction. Deere and Monsanto were prepared to present their case for approval of the acquisition later this year.

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.