Market Chatter: CPPIB Supports Agrium Management; Says Jana Nominees Not Best Alternative
"The Canada Pension Plan Investment Board is throwing its support behind management at Agrium Inc. (AGU.TO) in the fertilizer giant's proxy fight with Jana Partners LLC," Canadian Press reported.
It said: "The board, which invests on behalf of the Canada Pension Plan, says U.S.-based Jana hasn't made a compelling case for change at Agrium's board of directors."
"While we agree that opportunities for improvement exist, we are of the view that the dissident's nominees do not represent the best alternative for optimizing long-term value creation, particularly in light of Jana's proposed director compensation structure," the CPPIB said in a posting on it website.
"As a result, the CPPIB said it was throwing its support behind all of Agrium's nominees and would not support any of those put forward by Jana, including that of managing partner Barry Rosenstein."
AGU shares were down 22 cents at $97.79.
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