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  "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 'Before/After' framework to demonstrate the efficacy of activist intervention.",
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      "kind": "callout",
      "text": "Agrium for years ignored basic, shareholder-friendly changes until pressured to do so. An enhanced board can unlock even more value.",
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      "text": "After JANA's Engagement performance chart (Post JANA)",
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      "text": "Before JANA's Engagement performance charts (5-year and 3-year)",
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      "text": "Agrium has responded by: Increasing its dividend by ~4.5x; Initiating its first large share repurchase; Committing to continued growth in capital return; Improving Retail disclosure",
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      "text": "Total Shareholder Return: +16%",
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      "text": "Investors have benefited from JANA's actions as it sheds increasing light on the value of [Retail]. AGU shares have risen ~33% since mid-June, when JANA's involvement in the stock became well known – Susquehanna, 10/23/12",
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      "text": "Investors have benefited from JANA’s actions as it sheds increasing light on the value of [Retail]. AGU shares have risen ~33% since mid-June, when JANA’s involvement in the stock became well known — Susquehanna, 10/23/12",
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      "text": "(1) Represents total returns assuming dividends re-invested. For additional information, including calculation of peer composite, see JANA's October 1 presentation http://www.janaaguanalysis.com/oct1-presentation.pdf page 8.",
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      "text": "Impact Of JANA's Engagement",
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