Monsanto fast-tracks $6 billion share buy-back from JP Morgan, Goldman Sachs

Monsanto Company on Tuesday announced an accelerated share repurchase programme under which it has signed agreements with JPMorgan Chase Bank, NA and Goldman, Sachs & Co to repurchase an aggregate of $6 billion of the company's common stock. The accelerated share buy-back is part of Monsanto's programme to repurchase an additional $10 billion worth of shares announced on 25 June.

''Today's accelerated share repurchase demonstrates our continued commitment to creating and returning value to our shareowners,'' said Pierre Courduroux, senior vice president and chief financial officer for Monsanto Company.

Under the terms of the ASR agreements, Monsanto will repurchase $3 billion of its common stock from each of JPMorgan Chase Bank, NA and Goldman, Sachs & Co, with an aggregate initial delivery of approximately 38.6 million shares based on current market prices.

The final number of shares to be repurchased will be based on Monsanto's volume-weighted average stock price during the term of the transaction, less a discount. The programme is expected to be completed in up to nine months.

Monsanto said it is funding the share repurchase with proceeds from its previously announced debt offering and from issuance of commercial paper, and cash on hand.

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.