July 26, 2017 / 5:06 PM / 2 years ago

AGCO to buy Monsanto's farm equipment business

FILE PHOTO: Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) - Agricultural equipment maker AGCO Corp said on Wednesday it would buy Monsanto Co’s farm equipment business for an undisclosed amount.

The deal comes after Monsanto, the world’s largest seed company, terminated in May its agreement to sell the unit, Precision Planting LLC, to machinery maker Deere & Co, amid regulatory pressure.

The U.S. Department of Justice had filed a lawsuit to block the sale, arguing the deal could make it more expensive for farmers to use fast, precise planting technology. (bit.ly/2tZoOLm)

“The acquisition of Precision Planting will solidify AGCO as one of the global leaders in planting technology...,” AGCO Chief Executive Martin Richenhagen said in a statement.

Reporting by John Benny in Bengaluru; Editing by Amrutha Gayathri

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