US Justice Dept. probing Monsanto antitrust issues
Friday March 14, 12:58 pm ET
ST. LOUIS, Mo., March 14 (Reuters) - Monsanto Co. (NYSE:MON - News) said on Friday that the U.S. Department of Justice was investigating possible antitrust violations in the herbicide market, in which the agrochemical company is a leading player.
"The Department of Justice has initiated an inquiry about possible anti-competitive conduct in the glyphosate industry," said Monsanto spokeswoman Lori Fisher.
Fisher said the government was seeking information from a number of companies that make and distribute glyphosate, the basic ingredient in Monsanto's top-selling Roundup herbicide.
Monsanto's patent on glyphosate expired three years ago and the company's sales have been coming under increasing pressure from competitive products and pricing.
Monsanto stock was down $2.20 or 13 percent to $14.38 on the New York Stock Exchange (News - Websites) Friday afternoon.