Activist investor Jana Partners cuts stake in Agrium
Activist hedge fund Jana Partners LLC trimmed its holding in Agrium Inc and said it was pleased with the fertilizer company's recent capital return and change in chief executive.
Jana, which was Agrium's largest shareholder with a 7.5 percent stake, cut its holding in the company to 2.7 percent as of Oct. 8, according to a regulatory filing.
Agrium, the world's third largest nitrogen producer, has faced pressure from Jana to return capital to shareholders and split the company's wholesale fertilizer and retail business.
Agrium has, in the past month, raised its dividend by 50 percent to $3.00 per share on an annualized basis and appointed Chuck Magro to replace Mike Wilson as chief executive next year.
Jana expects that recently announced management changes will lead to improvements in Agrium's openness and responsiveness to proposals for value creating change, the hedge fund said in the filing.
Barry Rosenstein-led Jana is now Agrium's third largest shareholder, according to Thomson Reuters data.
- CF Industries terminates merger discussions with Yara Intl.
- Abengoa celebrates grand opening of its first biofuels plant
- NAWG calls for more biotech wheat research
- Iowa leaders issue critical statement on EPA’s WOTUS rule
- GMO labeling foes spend big on campaigns in Oregon, Colorado
- Accelerating harvesting depressed crop futures Sunday night
- U.S. farmers seen cutting fertilizer use as crop prices slide
- Newly revised “Midwest Cover Crops Field Guide” released
- Automated imaging system looks underground to improve crops
- Take That, Red Baron
- Understand and adapt to different communication styles
- Offshore wind farms are the future, says Statkraft CEO
- East-West Seed signs marketing collaboration with Monsanto
- How much corn can the ethanol industry use?
- USDA releases 2012 cash rents data report
- Commentary: Government wants farmers to quit farming
- Economist: Taxing P could reduce risk of algal blooms
- Resistant weeds not controlled by fall residuals