Company Website:
http://www.monsanto.com/Pages/default.aspx
ST. LOUIS -- (Business Wire)
Monsanto Company (NYSE: MON) announced that it has entered into
accelerated share repurchase (ASR) agreements with Citibank, N.A. and
JPMorgan Chase Bank, N.A. to repurchase an aggregate of $3 billion of
the company’s common stock. Today’s ASR is part of Monsanto’s $10
billion share repurchase authorization announced in June 2014.
“With the successful completion of our previous $6 billion accelerated
share buyback in fiscal year 2015, we’ve repurchased more than 10
percent of our shares outstanding since June 2014,” said Pierre
Courduroux, Senior Vice President and Chief Financial Officer for
Monsanto Company. “Today’s new $3 billion accelerated share repurchase
agreements demonstrate our continued commitment to creating and
returning value to our shareowners, as we progress toward our targeted
capital structure.”
Under the terms of the ASR agreements, Monsanto will repurchase $3
billion of its common stock from Citibank, N.A. and JPMorgan Chase Bank,
N.A. with an aggregate initial delivery of approximately 28.4 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 terms of the transactions, less a discount. The ASR is
expected to be completed sometime in the next six months. The company is
funding the ASR with proceeds from issuance of commercial paper and cash
on hand.
About Monsanto Company
Monsanto is committed to bringing a broad range of solutions to help
nourish our growing world. We produce a variety of seeds ranging from
fruits and vegetables to key crops – such as corn, soybeans, and cotton
– that help farmers produce abundant and nutritious food. We work to
find sustainable agriculture solutions that help farmers conserve
natural resources, use data to improve farming practices, use water and
other important resources more efficiently, and protect their crops from
pests and disease. Through programs and partnerships, we collaborate
with farmers, researchers, nonprofit organizations, universities and
others to help tackle some of the world’s biggest challenges. To learn
more about Monsanto, our commitments and our more than 20,000 dedicated
employees, please visit: discover.monsanto.com
and monsanto.com.
Follow our business on Twitter® at twitter.com/MonsantoCo,
on the company blog, Beyond the Rows® at monsantoblog.com
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151009005946/en/
Contacts:
Monsanto Company
Media:
Sara Miller, 314-694-5824
or
Analysts:
Laura
Meyer, 314-694-8148
Source: Monsanto Company
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