Deere surprised, disappointed with decision
By Brian Hess
Farms.com
Monsanto has rejected the sale of its Precision Planting division to John Deere.
Precision Planting is an agricultural technology company that produces such items as Keaton Seed Firmers and the 20/20 SeedSense.
“We just didn't see that there was a clear path going forward. We have a valuable business and people in limbo and it was just time to move on,” Michael Stern, CEO of Climate Corporation, a division of Monsanto, said yesterday in a release.
The company is still interested in selling to another buyer with a vision similar to Monsanto’s. Other parties have shown significant interest, Stern said.
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The news seemed to have come as a surprise to Deere. “We are deeply disappointed in this outcome as we remain confident the acquisition would have benefited customers,” the company stated in response to the announcement by Monsanto.
The United States Department of Justice (DOJ) called the decision to cancel the proposed sale "a victory for American farmers and consumers."
In May 2015 these two ag superpowers announced their deal for Precision Planting but the news was immediately unpopular in the United States. Some Americans argued that the deal would result in more expensive technology.
The DOJ filed a lawsuit to block the purchase late last summer, only months after the proposed takeover was announced.