By Commodity News Service Canada
June 28 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– Canada’s Competition Bureau has reached an agreement with Dupont and Dow Chemical for the companies to sell some assets prior to their planned merger. Dupont has agreed to sell parts of its research branch and its herbicide business to FMC Corp. That includes Dupont’s cereal crops herbicide business in Canada and the PrecisionPac dispensing system. Dow will sell some assets to SK Global Chemical Corp. Meanwhile, some big investors are calling for revisions to the proposed merger.
– Dupont has bought rights to agricultural patents currently owned by Irish genetics company ERS Genomics. ERS had developed patents for the genetic editing technology known as CRISPR-Cas, used in plant breeding. Dupont purchased the patents through its Dupont-Pioneer business.
– Monsanto has reported an increase of 17.6 per cent in profit this quarter, which it attributed to stronger sales of corn and soybeans. The company reported net income of US$843 million in the third quarter ended May 31, up from US$717 million in the previous year. Monsanto is currently being bought by Germany-based Bayer.