Agrium: no plans to sell retail division after report of Jana Partners pressure | iNFOnews

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Agrium: no plans to sell retail division after report of Jana Partners pressure

August 14, 2012 - 6:41 AM

CALGARY - Agrium Inc. (TSX:AGU) says it has carefully evaluated the idea of spinning off its retail division and decided against the plan because shareholders of the agriculutural services company would face too much risk.

The Calgary-based company issued a statement after the Wall Street Journal reported U.S. hedge fund Jana Partners has purchased a large stake in Agrium in a move to push the fertilizer giant to cut costs and sell its retail arm.

Citing unidentified sources, The Journal reports Jana Partners has accumulated almost five per cent of Agrium stock, making it the company's largest shareholder.

It says the purchase will be disclosed in a regulatory filing later this week.

Agrium (TSX:AGU) later issued a statement saying it will continue to with an integrated business strategy the combines retail sales and large-scale fertilizer production.

News from © The Canadian Press, 2012
The Canadian Press

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