The transaction is subject to regulatory approval and is expected to close in the first quarter of Deere’s 2018 fiscal year.
Shares of Deere rose nearly 3 percent in premarket trading on Thursday.
China Guides Currency Higher
Fresh off a move to tighten its already considerable hold on its currency, China offered a sign on Thursday of what it might want for the renminbi: for it to strengthen.
Its central bank guided the currency to its biggest increase against the dollar in about five months.
The move will be painful for investors who might have bet on the currency weakening — a group that Beijing previously tried to discourage.
It could also be meant to restore faith in the renminbi for any investors who might be more skittish after Moody’s Investors Service downgraded its rating for China last week. — CARLOS TEJADA
What to Watch For: Facebook Meeting, Construction Data and Auto Sales
• Facebook is set to hold its annual shareholder meeting in Redwood City, Calif. The company will ask attendees to vote on several matters, including the re-election of the board of directors.
• European Union regulators approved a plan in principle that would allow Italy to inject capital into the troubled lender Monte dei Paschi di Siena.
• Construction spending in the United States fell 1.4 percent in April, the largest drop in a year. It reflects weakness in homebuilding, non-residential construction and government projects.
• Automakers are reporting sales of new cars in May. Investors and economists will be watching closely for signs of further erosion in the market, after sales fell in the first four months of the year.
• PPG Industries, the American paint and chemicals giant, dropped its pursuit of its Dutch rival, Akzo Nobel.
• Don’t forget to read the DealBook Morning Agenda.
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