Biotechnology giant Monsanto is scrapping plans to win approval to grow new types of genetically modified crops in the European Union.

It says the move is due to the lack of prospects for cultivation in the EU.

Monsanto produces GM crops and agro-chemicals which are in wide use in the US and in other parts of the world.

In Europe there have been concerns about the use of GM food products, and approval for GM crop cultivation can take years to obtain.

The Monsanto decision related to pending requests to grow genetically modified maize, soybean and sugar beet.

Read more: http://www.bbc.co.uk/news/business-23356054