Seed Producer Dekalb Says It’s for Sale

Dekalb Genetics Corp. put itself up for sale, and its shares soared 63% amid expectations that Monsanto Co. or another company will pay a steep price for the maker of genetically enhanced seed. Monsanto, which owns 40% of Dekalb, said it may buy the rest of the company to head off rivals. The DeKalb, Ill.-based company said it needs more capital and that soliciting bids is the best way to determine the value of its products and patents. The proposed sale comes as biotechnology firms are snapping up the seed companies they need to distribute their genetic products to farmers. DuPont Co. in August paid $1.7 billion for 20% of top seed producer Pioneer Hi-Bred International Inc. Dekalb’s move sent its stock up $20.88 to close at $54 on the New York Stock Exchange.