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Stock Market & Financial Investment News

News Breaks
February 11, 2013
19:18 EDTAGUJANA Partners rejects Agrium's settlement offer, director appointments
JANA Partners released the following statement in response to the announcement by Agrium that it will appoint new directors to its board: "For over six years Agrium rejected the need for industry experience on the board and its CEO was quoted just days ago saying that there were 'no shortcomings' related to its retail business on the board and that industry experience was not a prerequisite for board service. Then in response to growing shareholder pressure, Agrium acknowledged the need for such experience and said it would look for such directors, but also set forth a litmus test that such directors would not question management's prior performance or strategy, or in other words would agree to abdicate a director's primary function. Today, Agrium has completed that narrow search and announced two new directors who apparently meet management's criteria for board service by embracing an unquestioned status quo, despite the clear opportunities for value creation that shareholders have rallied around. In short, Agrium continues to want to have it both ways, to keep acknowledging the points we have raised - first capital allocation and disclosure and now the need for relevant experience on the board - without having to embrace actual change. Agrium also continues to refuse to acknowledge the need for independent voices on its board who will proactively seek out such shareholder-friendly improvements rather than waiting until they are forced to do so by shareholders, and who will work constructively with, not for, management. We are highly confident that shareholders will see through Agrium's latest hollow attempt to fight off real value-maximizing change. JANA also commented upon false allegations made by Agrium in its release with respect to recent discussions between JANA and Agrium. In recent days, Agrium approached JANA seeking a settlement and indicated that the company had identified new director candidates who would address the Agrium board's deficiencies in experience and that Agrium would commit to addressing the performance issues raised by JANA. In reliance on these representations, JANA engaged in good faith discussions with Agrium regarding a mutually agreeable resolution. However, Agrium then refused to commit itself to addressing any of the performance issues identified by JANA, and also revealed the names of new directors who JANA believes are insufficient to address the Agrium board's deficiencies. As a result, JANA informed Agrium that the initial proposed resolution was unsatisfactory, and discussions terminated."
News For AGU From The Last 14 Days
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August 21, 2015
12:17 EDTAGUDeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
August 20, 2015
09:57 EDTAGUAgrium management to meet with Canaccord
Meeting to be held in Winnipeg, Canada on August 20.

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