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Biotech / Medical : Monsanto Co. -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (1081)	2/4/1999 2:24:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 2539

Hoechst, Schering Venture Agrevo Drops Plan to Buy Cargill's Seed Unit Bloomberg News February 4, 1999, 1:06 p.m. PT AgrEvo Drops Plan to Buy Cargill Unit, Citing Pioneer Lawsuit Frankfurt, Feb. 4 (Bloomberg) -- AgrEvo GmbH, an agricultural biotechnology venture between German drugs and chemicals makers Hoechst AG and Schering AG, said it dropped plans to buy Cargill Inc.'s North American seed business because of a lawsuit filed by a rival seed maker. AgrEvo offered on Nov. 11 to buy Cargill's seeds business for as little as $350 million -- down from the $650 million the companies agreed in September. Pioneer Hi-Bred International Inc., the world's largest seed company, filed a suit alleging Cargill's seed business used some Pioneer proprietary seeds to develop its own variants of the crops. AgrEvo is battling with rivals Monsanto Co., DuPont Co., Novartis AG and Dow Chemical Co. to acquire the technology and distribution networks they need to develop and sell corn, soybean and other seeds with improved growing or nutritional characteristics. ''For the moment, its over,'' said AvrEvo Spokesman Wolfgang Faust. ''There's a slight possibility we might resume talks if the lawsuit is settled.'' --Phyllis Carter in Frankfurt (49) 69 92041 200/ab