The Successful Investor Hotline – Wednesday, April 3, 2013

Article Excerpt

AGRIUM INC., $95.09, Toronto symbol AGU, continues to resist pressure from activist investment firm Jana Partners to set up its retail business as a separate company. Jana owns 7.5% of Agrium’s shares. Agrium’s management wants to hang on to the retail business, because they believe its steady revenue streams help offset the cyclical nature of the company’s fertilizer operations. At next week’s annual meeting, Jana wants to replace five of Agrium’s 12 directors with its own nominees. In our March 22, 2013 Successful Investor Hotline, we recommended that shareholders vote in favour of Jana. Since then, however, we have re-considered the situation and changed our view. We now feel Agrium would be better off keeping the retail business. As a result, we advise shareholders to support Agrium’s nominees and vote against the Jana nominees. You have until 9:00 AM Eastern Time on Friday, April 5, 2013 to submit your vote, either by Internet (www.proxyvote.com), telephone: 1-800-474-7493 or fax: 905-507-7793. It’s probably too late…