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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Barry Rosenstein",
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      "text": "Agrium suffered from a persistent and growing valuation discount that it widely acknowledged prior to JANA's arrival",
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      "text": "Implied Retail Valuation",
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      "text": "Cost Management, Controls, Capital Allocation, Conglomerate Structure, Corporate Governance",
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      "text": "No meaningful synergies with negative operational consequences... Each business has different natural investor... All key competitors actively reject... Given value creation opportunity...",
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      "text": "P/E Mult.: 5.7x",
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      "kind": "quote",
      "text": "Agrium's Board has not been able (or willing) to quantify, explain, or defend the current company structure – Credit Agricole / CLSA, 11/5/12",
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      "kind": "quote",
      "text": "The million dollar question is what’s this retail business worth? ... I’ll just keep hammering at you until we get [the multiple] up to what we feel is a reasonable number – Agrium CEO Michael Wilson, 2011 Investor Day",
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      "text": "\"The million dollar question is what’s this retail business worth? ... When UAP was trading, they were trading at about 9x. If you look at Tractor Supply ... they are trading at a multiple of 11x ... I’ll just keep hammering at you until we get [the multiple] up to what we feel is a reasonable number\" — Agrium CEO Michael Wilson, 2011 Investor Day; \"Agrium's Board has not been able (or willing) to quantify, explain, or defend the current company structure\" — Credit Agricole / CLSA, 11/5/12",
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      "text": "(1) Represents periods ending June 1, 2012, the date of JANA's engagement with Agrium. See JANA's October 1 presentation http://www.janaaguanalysis.com/oct1-presentation.pdf page 13.",
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