John Deere and Monsanto have ended the attempted sale of Precision Planting LLC.
The U.S. Department of Justice had filed suit to block that deal because they thought it would monopolize high-speed planting systems.
PrecisionPlanting allegedly would have let farmers plant some row crops at much faster speeds than conventional planters.
President of Agricultural Solutions and Chief Information Officer at John Deere, John May says, “We are deeply disappointed in this outcome as we remain confident the acquisition would have benefitted consumers.”
Acting Assistant Attorney General Andrew Finch says the decision to abandon the sale is “ victory for American farmers and consumers. Had this sale gone forward, significant head-to-head competition between Deere and Monsanto’s Precision Planting technologies would have been lost. That competition had led to lower prices and more innovative products.”