Business digest 02/23/05

Seed firm to appeal rulings favoring Monsanto

ST. LOUIS -- Cotton seed breeder and marketer Delta and Pine Land Co. said Tuesday that Mississippi's highest court has agreed to immediately hear its appeals in its case against Monsanto Co. over a failed merger between the two agribusinesses. In 1998, St. Louis-based Monsanto agreed to buy D&PL for $1.9 billion but later called off the proposed merger and was acquired by Pharmacia & Upjohn. Monsanto has said it backed out of the deal because of what it called the Justice Department's unwillingness to approve the transaction "on commercially reasonable terms." D&PL sued Monsanto in 2000, claiming Monsanto didn't make a reasonable effort to get antitrust clearance.

Boeing sells plants in Kansas, Oklahoma

WICHITA, Kan. -- Boeing Co. on Tuesday sold its commercial aircraft plants in Kansas and Oklahoma to a Toronto-based investment group, part of the company's strategy to focus on design and final assembly. Onex Corp. bought Boeing's commercial aircraft facility in Wichita, along with plants in Tulsa and McAlester, Okla., for about $1.2 billion. The Chicago-based aerospace giant has been trying to sell the plants for more than a year.

May CEO search on hold as merger talks heat up

ST. LOUIS -- May Department Stores Co. reportedly has suspended its search for a new chief executive as it continues merger talks with rival Federated Department Stores Inc. The New York Times cited unidentified executives close to St. Louis-based May in a report Tuesday. The Times said talks between May and Cincinnati-based Federated -- owner of Macy's and Bloomingdale's chains -- gained momentum last weekend. Citing one executive, the newspaper said May has been holding out for a price "north of $40 a share" while Federated indicated it wanted to pay in the mid-30s, though both sides in recent days indicated they'd be willing to compromise.