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  "documentTitle": "Agrium (AGU)",
  "authorId": "13_JANA_Partners",
  "authorName": "Barry Rosenstein",
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  "presentationDate": "2013-01-01 00:00:00",
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  "notes": "Uses a process-style list on the left to frame the broader activist agenda, with specific focus on 'Cost Management'.",
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      "text": "Retail margins: Margin contraction despite significant growth in scale",
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      "kind": "list",
      "text": "Corporate overhead: High levels of growth despite operating Retail and Wholesale at arm's length. In addition to G&A growth in Agrium's underlying segments.",
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      "text": "JANA's director nominees are well positioned to address these issues. Experience implementing distribution best practices. Experience managing corporate overhead across multi-platform businesses.",
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      "text": "Retail margins: Margin contraction despite significant growth in scale. Unlike distribution peers who generate operating leverage as they grow.",
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      "text": "Agrium's management should engage with serious consideration many of the issues JANA and its proposed Directors bring up on costs – Barclays, 12/13/12",
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      "text": "Agrium's Retail segment is under-earning – Piper Jaffray, 12/2/12",
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      "text": "“Agrium's Retail segment is under-earning” — Piper Jaffray, 12/2/12; “Agrium's management should engage with serious consideration many of the issues JANA and its proposed Directors bring up on costs” — Barclays, 12/13/12",
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      "kind": "source-note",
      "text": "(1) See JANA's October 16 presentation... (2) See JANA's October 1 presentation... (3) Excludes stock compensation expense.",
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