March 18 Canadian agricultural company Agrium
Inc received a boost Monday in its proxy fight
against hedge fund Jana Partners, as another shareholder sided
with the board's candidates.
"The impact of Jana's proposals on the value of Agrium are,
in our view, highly speculative," shareholder Letko, Brosseau &
Associates Inc said in a statement.
Investment management firm Letko owns about 2.3 million
shares of Agrium, or 1.5 percent of the outstanding stock.
Jana Partners wants the fertilizer producer to spin off its
farm retail division, cut costs, make better use of capital and
add more relevant experience to its board.
Agrium will conduct its annual meeting in Calgary, Alberta,
on April 9, when shareholders will decide the makeup of its
board of directors.
Another shareholder in Agrium -- British Columbia Investment
Management Corp -- sided with the company on Friday saying it
believed Agrium's current board was providing effective
Agrium shares closed down about 1 percent at C$103.16 on
Monday on the Toronto Stock Exchange.