Archer-Daniels-Midland Agrees For $1 Bln Accelerated Share Repurchase

(RTTNews) - Archer-Daniels-Midland Co. (ADM) announced that it has entered into an accelerated share repurchase or ASR agreement with Merrill Lynch International, an affiliate of BofA Securities, Inc. to repurchase $1 billion of ADM's common stock.

The ASR agreement will be carried out under ADM's existing 200 million share repurchase program through 2024.

Monthly share deliveries will be received by ADM by the end of each month, starting in March 2024, with completion anticipated no later than the end of the second quarter of 2024.

CEO Juan Luciano has stated that they are expediting their program to achieve $2 billion in additional share repurchases for the year, which includes the $1 billion through this ASR program.

The company had already repurchased $1.5 billion of shares in the fourth quarter of 2023 and nearly $330 million of shares in the first quarter of 2024.