Monsanto Company (NYSE: MON) announced that it has entered into accelerated share repurchase (ASR) agreements with JPMorgan Chase Bank, N.A. and Goldman, Sachs & Co. to repurchase an aggregate of $6 billion of the company’s common stock. Today’s ASR is part of Monsanto’s share repurchase programs under which an additional $10 billion of authority was recently announced on June 25, 2014.

“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, N.A. 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 program is expected to be completed in up to nine months. The company is funding the ASR with proceeds from its previously announced debt offering and from issuance of commercial paper, and cash on hand.