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  "docSlug": "81f25714c12f",
  "documentTitle": "Agrium (AGU)",
  "authorId": "13_JANA_Partners",
  "authorName": "Barry Rosenstein",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-01-01 00:00:00",
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  "notes": "Uses a list-based structure to contrast specific governance failures with a supporting analyst quote.",
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      "text": "Agrium's board failed to address obvious issues – such as disclosure and capital return – until publicly challenged to do so, and has spent significant shareholder capital to avoid discussing the remaining issues",
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      "kind": "list",
      "text": "When JANA challenged Agrium to unlock the unrealized value in Retail, Agrium's board disavowed its valuation comparables for Retail – which were long-promoted – and introduced a far less applicable set of new Midnight Comparables with lower valuation multiples to talk down Retail's value",
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      "text": "Agrium's board failed to address obvious issues – such as disclosure and capital return – until publicly challenged to do so, and has spent significant shareholder capital to avoid discussing the remaining issues",
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      "kind": "list",
      "text": "Hired the same team from Morgan Stanley that argued against Agrium's structure when defending CF Industries from Agrium in 2009, to now argue for the merits of Agrium's conglomerate structure",
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      "text": "Despite spending weeks on the road selling shareholders on the company's short term performance and new commitment to transparency, Agrium never guided the market to expect disappointing Q3 earnings (failing to pre-announce, despite having done so in the past), resulting in execution of its Dutch tender share repurchase only ~2 weeks before a sizeable miss and resulting 11% decline in share price",
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      "kind": "other",
      "text": "Cost Management, Controls, Capital Allocation, Conglomerate Structure, Corporate Governance",
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      "kind": "quote",
      "text": "\"Agrium should be greeting [JANA's nominees] with open arms, rather than paying Morgan Stanley to fend them off\" – Credit Agricole / CLSA, 11/30/12",
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      "text": "Agrium should be greeting [JANA's nominees] with open arms, rather than paying Morgan Stanley to fend them off — Credit Agricole / CLSA, 11/30/12",
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      "kind": "title",
      "text": "Corporate Governance Opportunity",
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