17 May 2000
Cargill pays $100m to settle GM case
US agribusiness group Cargill is to pay $100m to Pioneer Hi-Bred to settle allegations it stole genetic material, reports the Financial Times.
Only part of the payment to Pioneer, now a subsidiary of DuPont, reflects damage for past infractions.
A further option covers future usage of genetic material which has been in dispute between the companies.
This settlement will allow Cargill to go ahead with the sale of its North American seed operation, says the FT.
Plans to sell this in 1998 fell apart in the wake of the Pioneer allegations.
- Cargill earnings down by 55%, FWi, 12 August 1999
- AgrEvo wants to renegotiate Cargill deal, FWi, 12 November 1998
- Financial Times 17/05/2000 page 34