08:16 AM EDT, 03/13/2024 (MT Newswires) -- Archer-Daniels-Midland ( ADM ) said Wednesday that it has signed an accelerated share repurchase agreement with delayed share delivery with Merrill Lynch to buy back $1 billion of the company's common shares.

The agribusiness said the agreement states that it will receive monthly share deliveries at the end of each month, beginning this month.

The agreement will be completed under the company's current 200 million stock buyback program, which runs through this year.

Merrill Lynch is an affiliate of Bank of America ( BAC ) unit BofA Securities.

Price: 57.75, Change: +0.68, Percent Change: +1.19