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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Agrium",
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  "presentationDate": "2013-02-19 00:00:00",
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  "notes": "The slide uses a comparison table to highlight peer expansion projects as a counter-argument to JANA's valuation logic.",
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      "text": "As a result, JANA has double-counted",
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      "text": "JANA assumed a value of up to $1.3Bn for our Vanscoy project and ADDED it to the value of our Wholesale. However, all of our key peers have large capacity expansion projects underway as well and JANA has failed to adjust the trading multiples of our peers for the value of their expansion projects. As a result, JANA has double-counted",
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      "text": "Sources: Company website and filings",
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      "text": "Potash Corp: Initiated expansion program in 2003, Capital expenditures being spent in Allan, Cory, Rocanville and New Brunswick, $7.4Bn Total Investment ($6.0Bn Incurred). Mosaic: In 2008, Mosaic announced a significant commitment to expand potash capacity, Expansion of Belle Plaine, Colonsay and Esterhazy, $6.3Bn of Spending ($3.0Bn Incurred). CF Industries: In 2012, CF authorized expenditure to expand Donaldsonville and Port Neal, $3.8Bn Total Investment (Recently Announced).",
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      "text": "JANA Ignored Large Expansion Projects of Our Peers in its Valuation Adjustments",
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