Monsanto to accelerate share buy back
Monsanto is to accelerate a $6,000 million repurchase of its common stock shares. The company has signed deals with investment banks JP Morgan Chase and Goldman Sachs as part of a wider share buy-back programme including a recently announced $10,000 million. Monsanto will repurchase $3,000 million of its common stock from each of JP Morgan Chase Bank and Goldman Sachs, with an aggregate initial delivery of approximately 38.6 million shares based on “current” market prices. The programme is expected to be completed in up to nine months. The company is funding the agreements with proceeds from its previously announced debt offering and from issuance of commercial paper, and cash on hand.