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  "documentTitle": "Agrium (AGU)",
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  "notes": "The slide uses a sum-of-the-parts (SOTP) valuation to argue against a corporate breakup, highlighting the 'Retail' segment's implied premium.",
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      "text": "JANA's nominees have aligned themselves with JANA's pursuit of a break up, along with JANA's other highly flawed and contrived ideas",
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      "text": "If the Wholesale business was to trade at a premium to its implied sum-of-the-parts value (e.g., 6x multiple), Retail would be valued in the mid-8s within Agrium",
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      "text": "If the Wholesale business was valued at close to a 5x multiple (since nitrogen is the largest nutrient), Retail would be currently receiving close to a 10x multiple within Agirum",
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      "text": "A break up would destroy value, rather than create it, even before consideration of dis-synergies and other risks related to splitting the Company",
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