Agrium (AGU) Affirms Meeting with JANA Partners; Will Not Spin-Off Retail Ops

In response to reports about a meeting today between Agrium Inc. (NYSE: AGU) and one of its shareholders, JANA Partners LLC, Agrium confirmed that such a meeting took place. Agrium, which meets regularly with shareholders, said the meeting with JANA was arranged several weeks ago.

At the meeting, Agrium made clear to JANA that the Board carefully considered JANA's position that Agrium should spin off its Retail operations. The Board unanimously determined that a spin-off would not be in the best interests of the company or its shareholders.

Agrium is confident that it has an effective long-term strategy to create sustainable value for shareholders. Agrium believes the performance and value of its Retail operations will continue to be maximized within the existing structure.

Morgan Stanley & Co. LLC is acting as financial advisor to Agrium.

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