10:51 (Dow Jones) Agco (AGCO) buying a 60% stake in a Brazilian company that makes mechanized sugar-cane harvesters. AGCO agreed to pay $31M for a controlling share of Santal Equipamentos. CEO Martin Richenhagen hinted last month a deal was at hand after AGCO's efforts to develop its own harvester proved to be unsatisfactory. Rivals Deere (DE) and CNH Global (CNH) already have cane harvesters on the market. Sugar-cane harvesters are expected to be hot sellers in Brazil in the coming years, as the government tries to eliminate the practice of burning fields to make the cane easier to cut by hand. AGCO up 0.9% at $47.27. (robert.tita@dowjones.com)

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