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Monsanto terminates Precision Planting deal with Deere

Monsanto has terminated the deal to sell its Precision Planting unit to Deere & Company following pushback from the U.S. Department of Justice.

The Justice Department had filed suit last August to block the acquisition, alleging that the transaction would create a monopoly in high-speed precision planting systems. The case was scheduled for trial in early June.

In a statement, Deere said it was “deeply disappointed” by the decision.  In a separate statement, Monsanto said it “intends to sell the Precision Planting business and has spoken with several third parties that have expressed interest in purchasing it”.