Agrium Inc appointed two independent directors to its board after the Canadian fertilizer maker could not come to terms with U.S. activist shareholder Jana Partners, which wants to break up the company. David Everitt, a former president of Deere and Co, and Mayo Schmidt, a former chief executive of Viterra Inc before it was bought by Glencore International, were appointed as directors, Agrium said in a statement.Jana, the largest investor with 6 percent of shares, was pushing for two director nominees and wanted Agrium to spin off its farm retail division, the largest in the United States, which sells seed, fertilizer and chemicals.Agrium said Jana reneged on an agreement to cease its pursuit of a break-up in return for naming one of its director nominees to the board. Instead, the activist shareholder demanded two seats on the board."We are disappointed in Jana's decision to prolong this fight which it is certain to lose. Shareholders are clearly not supportive of Jana's initiative to break up Agrium," the Canadian firm's chief executive officer, Michael Wilson, said.
Agrium Inc. (Agrium), is a global producer and marketer of nutrients for agricultural and industrial markets. Shares of AGU traded higher by 0.18% or $0.21/share to $114.60. In the past year, the shares have traded as low as $74.28 and as high as $115.31. On average, 627544 shares of AGU exchange hands on a given day and today's volume is recorded at 500164.
Agrium Inc. (Agrium), is a global producer and marketer of nutrients for agricultural and industrial markets. Shares of AGU traded higher by 0.17% or $0.2/share to $115.00. In the past year, the shares have traded as low as $77.50 and as high as $116.38. On average, 486013 shares of AGU.TO exchange hands on a given day and today's volume is recorded at 338708.
Source
