Shareholder Jana says weak Agrium earnings flag need for change

Wed Nov 7, 2012 1:51pm EST

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Nov 7 (Reuters) - The biggest shareholder in Agrium Inc , Jana Partners, said on Wednesday that the fertilizer company's weaker than expected quarterly earnings underscore the need for change.

"Most notably, this quarter's performance, and today's share price reaction, highlight that Agrium's strong retail business remains subject to the cyclicality of its commodity-driven wholesale business, despite the absence of any quantifiable benefits to shareholders from this combination," said Jana managing partner Barry Rosenstein, in an email to Reuters.

Jana has since May urged Agrium to spin off its retail division and make other improvements.

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