The war of words between fertilizer maker Agrium Inc and its biggest shareholder, Jana Partners, escalated on Monday with Agrium slamming the hedge fund's plan to split the company in a letter to investors ahead of its annual meeting next month.Calgary, Alberta-based Agrium, which has begun mailing its proxy circular to shareholders ahead of the meeting on April 9, said Jana's plan is an "ill-conceived scheme" that will destroy shareholder value.The activist U.S. hedge fund, which owns some 7.5 percent of Agrium's shares, has for months demanded a number of changes at the company, including a split between its wholesale fertilizer production arm and its retail business, which sells seeds, crop protection chemicals, fertilizers and other farm products."Nothing in Agrium's new appeal to shareholders addresses the board's total failure to unlock Agrium's true value potential," Jana said in an emailed statement to Reuters.
Agrium Inc. (Agrium), is a global producer and marketer of nutrients for agricultural and industrial markets. Shares of AGU fell by 2.26% or $-2.36/share to $102.03. In the past year, the shares have traded as low as $74.28 and as high as $115.31. On average, 743310 shares of AGU exchange hands on a given day and today's volume is recorded at 460325.
Agrium Inc. (Agrium), is a global producer and marketer of nutrients for agricultural and industrial markets. Shares of AGU fell by 2.14% or $-2.3/share to $105.00. In the past year, the shares have traded as low as $77.50 and as high as $116.38. On average, 564962 shares of AGU.TO exchange hands on a given day and today's volume is recorded at 229006.
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