Reuters: Regulatory News: UPDATE 1-Jana proposes independent director candidates for Agrium

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UPDATE 1-Jana proposes independent director candidates for Agrium Nov 19th 2012, 12:51 Mon Nov 19, 2012 7:51am EST Nov 19 (Reuters) - Hedge Fund Jana Partners LLC said it intends to propose its managing partner, Barry Rosenstein, and four independent directors to the board of Agrium Inc as it pushes for the fertilizer company to split its wholesale and retail divisions. Jana, Agrium's largest shareholder, has made a number of demands, including that the Canadian company spin off its retail arm, return capital, cut costs and improve disclosure. Agrium is a producer of nitrogen fertilizer and nutrients used to boost crop yields. The company also owns the biggest network of farm retail stores in the United States, where it sells seeds, chemicals and fertilizers. Jana on Monday named David Bullock, Stephen Clark, Mitchell Jacobson, and Lyle Vanclief as its candidates and also disclosed that its stake in Agrium has risen to more than 6 percent. Jana is among the top U.S. activist investors. In the past, it has won high-profile campaigns at companies such as Marathon Petroleum Corp and McGraw-Hill Companies Inc.

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