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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deere and Co | NYSE:DE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.05 | -0.27% | 393.01 | 395.95 | 391.10 | 392.62 | 996,938 | 01:00:00 |
The Justice Department on Wednesday filed a lawsuit challenging Deere & Co.'s planned acquisition of a line of high-tech farming equipment from Monsanto Co., saying the deal would suppress competition for technology that allows farmers to plant crops at higher speeds.
At issue is a deal from last November in which Deere said it agreed to pay an undisclosed sum to buy Monsanto's Precision Planting equipment business.
The Justice Department said Monsanto's equipment line had been a leading innovator in high-speed planting technology, with Deere as its only significant competitor.
"If this deal were allowed to proceed, Deere would dominate the market for high-speed precision planting systems and be able to raise prices and slow innovation at the expense of American farmers who rely on these systems," said Renata Hesse, the acting head of the Justice Department's antitrust division.
The department filed the lawsuit in an Illinois federal court, asking a judge to block the deal.
The companies couldn't immediately be reached to comment.
The case is the latest from Obama administration antitrust enforcers who have been particularly active in the twilight of their tenure.
The Justice Department is currently litigating challenges to two major health insurance mergers: Anthem Inc.'s acquisition of Cigna Corp.; and Aetna Inc.'s deal to combine with Humana Inc. Earlier this year it blocked Halliburton Co.'s acquisition of oil-field-services rival Baker Hughes.
The department also is continuing to review the proposed merger of Dow Chemical Co. and DuPont Co.
Write to Brent Kendall at brent.kendall@wsj.com and Jacob Bunge at jacob.bunge@wsj.com
(END) Dow Jones Newswires
August 31, 2016 12:25 ET (16:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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