U.S. OKs Monsanto’s Purchase of Dekalb

The Justice Department approved Monsanto’s $2.3-billion acquisition of Dekalb Genetics Corp., after Monsanto altered the deal to preserve competition in corn biotechnology. In response to concerns raised by the department’s antitrust division, Monsanto spun off its rights to a recently developed technology used to introduce desirable genetic traits into corn seed. Monsanto’s claims on the technique, known as agrobacterium-mediated transformation technology, were transferred to UC Berkeley. “Competition in biotechnology ensures that farmers have access to the latest innovations in seed technology. The action taken . . . will ensure the producers can get the best corn seeds at the lowest prices” by preserving competition in the emerging market for corn improvements, said Assistant Atty. Gen. Joel Klein. In NYSE trading, St. Louis-based Monsanto shares gained 69 cents to close at $45.31, and shares of Dekalb Genetics, based in De Kalb, Ill., gained $4.75 to close at $99.75.