Agrium says will not spin off retail operations

Agrium Inc , North America's biggest retail supplier of farm products and services, moved to fend off pressure from activist investor Jana Partners LLC by saying the company will not spin off its retail operations.

The Wall Street Journal reported late on Monday that U.S. hedge fund Jana Partners has bought a large stake in Agrium, in a move to pressure the Canadian fertilizer company to cut costs and spin off its farm retail distribution arm.

"Agrium's board has carefully evaluated the idea of spinning off retail and has unanimously determined that it is contrary to the best interests of the company and its shareholders," Agrium Chief Executive Michael Wilson said in a statement.

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- Posted: 2012-08-14 18:17:09

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