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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": "The slide uses a sidebar navigation element to frame the argument within a broader corporate governance critique.",
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      "text": "700bps growth in working capital intensity = ~$725mm",
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      "text": "Retail Working Capital / Sales chart showing growth from 14% to 25% then 21%.",
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      "text": "Sidebar navigation: Cost Management, Controls, Capital Allocation, Conglomerate Structure, Corporate Governance",
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      "text": "Capital deployment: Agrium historically prioritized investment in growth at any price, with little interest in returning capital to shareholders until pressed to do so by JANA. $4bn+ of M&A vs. ~$150mm of dividends / buybacks. Failure to return cost of capital.",
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      "text": "Working capital: Has increased significantly, despite advantages of increased scale and private label mix. New claims that higher working capital leads to higher margins are not supported by Retail's historical performance.",
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      "text": "[W]orking capital could be reduced... without a detrimental effect on margins... best-of-breed distributors and retailers are able to drive down working capital needs while at the same time boosting profitability – Piper Jaffray, 12/2/12",
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      "text": "\"[W]orking capital could be reduced... without a detrimental effect on margins... best-of-breed distributors and retailers are able to drive down working capital needs while at the same time boosting profitability\" — Piper Jaffray, 12/2/12",
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      "kind": "source-note",
      "text": "(1) See JANA's October 1 presentation http://www.janaquanalysis.com/oct1-presentation.pdf pages 26 - 27.",
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      "text": "Capital Allocation Opportunity",
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