JANA Partners Raises Stake in Agrium, Inc. (AGU) to 6.19%, Files 13D

November 19, 2012 5:08 PM EST
In a 13D filing on Agrium, Inc. (NYSE: AGU), hedge fund JANA Partners disclosed a 6.19%, or 9,222,011 share, stake in the company. This is up 25.08% from the 7,373,173 shares held at the end of the latest quarter ending September 30, 2012.

From the filing:
The Reporting Persons acquired the Shares because they believe the Shares are undervalued and represent an attractive investment opportunity. Since May 2012, representatives of JANA have had phone calls and meetings with the Issuer's management relating to the Issuer's capital allocation, cost management, corporate structure and related matters. JANA has also released public presentations and letters stating its views with respect to these matters and has encouraged the Issuer’s board of directors (the "Board") and management to engage in a dialogue regarding these matters.

In view of the Issuer's inadequate response to the issues raised by JANA, JANA intends to nominate four independent directors plus the Principal for election to the Board at the 2013 annual meeting (the "Annual Meeting") and wage a proxy contest (the "Proxy Contest") seeking their election. The nominees are Messrs. Bullock, Clark, Jacobson, Rosenstein and Vanclief (collectively the "Nominees"). On November 19, 2012, JANA issued a press release (the "Press Release") announcing its intention to nominate the Nominees for election to the Board. A copy of the Press Release is filed as Exhibit B to this Schedule 13D and is incorporated herein by reference.

JANA may continue to engage in discussions with the Issuer’s management, Board, shareholders and other parties relating to the Issuer's business structure, operations, governance, management, strategy and future plans, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

For more notable holders of Agrium, Inc. stock click here. For more information on JANA Partners click here.

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