NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Canadian court orders major agriculture firms to hand over documents in antitrust probe

Published 2020-02-12, 02:34 p/m
© Reuters.  Canadian court orders major agriculture firms to hand over documents in antitrust probe
BASFN
-
BAYGN
-

By Kelsey Johnson

OTTAWA, Feb 12 (Reuters) - A Canadian federal court has ordered a group of major agriculture companies to hand over records and communications as part of an antitrust probe sparked by allegations certain businesses tried to block online farm-supply startup Farmers Business Network Inc (FBN).

In a series of court orders dispatched on Tuesday, Canadian Federal Court Justice Denis Gascon said he was satisfied Canada's Competition Bureau was conducting an antitrust probe and that the named companies - which include Bayer AG BAYGn.DE , Corteva Inc CTVA.N , and BASF BASFn.DE - would have or were likely to have information relevant to the inquiry.

Farm supply wholesalers, including Cargill Inc CARG.UL , Univar Solutions Inc UNVR.N and Federated Co-Operatives Limited, have also been ordered to produce records. The companies have between 60 to 90 calendar days to comply, depending on the specific order.

Last week, the Canadian Competition Bureau confirmed an inquiry into certain agriculture companies was underway.

BASF, Corteva, Bayer and Cargill said on Thursday they would cooperate with the Competition Bureau's investigation, which was launched following a complaint from California-based online retailer Farmers Business Network Inc (FBN) Competition Bureau had told the court in Jan. 30 filings that it was seeking records and communications from the seed, pesticide and wholesaling companies which are alleged to have stopped supplying FBN's newly acquired Canadian business in 2018.

The alleged conduct by the agriculture companies under inquiry, the regulator told the court, may also impede or delay FBN's successful expansion into the Canadian marketplace and/or cause the company to exit altogether.

Founded in 2014, Farmer's Business Network is developing an online marketplace for farmers to order crop inputs like pesticides, seed and other agricultural supplies.

The company, which has been selling crop inputs through its e-commerce platform in the United States since 2016, entered Canada in November 2017.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.