Agrium board backed by CPP in proxy fight

Stockhouse Editorial
0 Comments| April 5, 2013

The Canada Pension Plan Investment Board is throwing its support behind management at Agrium Inc. (TSX: T.AGU, Stock Forum) (NYSE: AGU, Stock Forum) in the fertilizer giant's proxy fight with Jana Partners LLC.

The board, which invests on behalf of the Canada Pension Plan, says U.S.-based Jana hasn't made a compelling case for change at Agrium's board of directors. 

Agrium has urged shareholders to vote for what it called a highly successful integrated strategy that will continue to deliver shareholder value, the company said in a press release.

Agrium eased 0.28% to $97.74, leaving the company with a market cap of $14.6 billion, based on 149.4 million shares outstanding. The 52-week range is $116.4 million and $77.50.

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