No Monsanto tech fee in Brazil
Biotechnology firm Monsanto Co. (MON) will stop charging royalties in Brazil for the use of its Roundup Ready soybean seeds and Bollgard cotton seeds, the agricultural federation of top grains state Mato Grosso said Wednesday.
A Mato Grosso state court last week ordered the company to suspend royalty charges after finding that Monsanto's patent on the technology had expired in late 2010.
The company appealed the decision but was denied, a spokeswoman for the state agricultural federation, known as Famato, said Wednesday. Monsanto informed Famato on Tuesday that it would stop charging royalties on the seeds throughout Brazil, she said.
Monsanto's public-relations agency in Sao Paulo said it expects to publish a statement on the matter Wednesday.
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(END) Dow Jones Newswires
October 17, 2012 09:26 ET (13:26 GMT)