15 August 2012 16:16 [Source: ICIS news]
Downey confirmed Canadian media reports that Agrium CEO Mike Wilson would be in New York this week to meet with JANA. The meeting had been scheduled three weeks ago and
"I don’t expect there will be any news from that meeting," he added.
“We have been in the retail business for 50 years, I don’t know how long they [JANA] been in the retail business,”
In a statement, JANA said that Agrium’s conglomerate structure is preventing the company “from recognising its true value potential over a long-term period.” A stand-alone Agrium retail business would “unlock significant long-term value” for Agrium shareholders, it said.
JANA added that since Agrium acquired retailer UAP in 2008 – “which was the start of a $4bn acquisition binge in retail” - the company's shares underperformed those of pure-play fertilizer firm CF Industries. In 2010, Agrium failed in a bid to take over US-based CF Industries.Agrium's share price was up 1.1% at $97.91 on the New York Stock Exchange.
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