-Caveat Lector- from: http://legalnews.findlaw.com/scripts/legalnews.pl?frame=top&L=US_Justice_Dep artment&R=/news/19981216/n16194093.html [12/18] Cargill, Conti deal could hurt consumers - senator WASHINGTON, Dec 18 (Reuters) - Antitrust regulators must analyze the impact on consumers, not just farmers, from Cargill Inc's plan to buy the grain business of a major competitor, the minority leader of the Senate Agriculture Committee said Friday. Iowa Senator Tom Harkin, a Democrat, said Cargill's plan to buy assets from Continental Grain Co was an "astounding step" in the rapid concentration of the nation's food and grain business. "Although at first blush any cause for concern may seem remote, Justice must take the longer view," Harkin said in a letter to Attorney General Janet Reno, referring to the impact on consumers. Cargill, which revealed its planned deal on November 10, said it hopes to win regulatory approval for the acquisition by the end of March. The Minneapolis-based Cargill has said that its purchase of Continental's grain business would improve efficiency and give U.S. farmers greater access to world markets. "Unless there is vigilance now, it will before long become too late for effective action to maintain or restore adequate competition in the food and agriculture system," Harkin said. Consumers have grown accustomed to an abundance of inexpensive food, but that could change with growing concentration in the industry, he said. Harkin was one of ten Democratic senators who asked Republican Sen. Richard Lugar, the head of the Senate ag panel, to hold hearings on the effects of the acquisition. Lugar has indicated he will schedule a hearing after the new Congress convenes in January to look at overall concentration in agribusiness, not just the Cargill acquisition. Harkin also urged Justice to take its time in analyzing Cargill's proposed acquisition, and to consider the deal's impact on farmers' grain marketing and grain stocks available for delivery under U.S. futures contracts. He also said regulators should scrutinize whether Cargill might favor its operations in Brazil and Argentina at the expense of U.S. farmers. "Getting all the necessary information takes on added significance in this case, since both companies are privately held and are extensively engaged ina wide range of agribusiness operations around the world," Harkin said in the letter. "The interrelationships of these numerous operations, and their connection to the proposed merger, may not be readily apparent." Regulators must do "some real digging" to get all the relevant information because Cargill and Continental are both privately held companies, he added. Last Updated: 12/18/98 15:03 EST ========= DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
