UPDATE: Agrium (AGU) Says Will Not Split Company

(Updated - August 15, 2012 7:20 AM EDT)

Agrium (NYSE: AGU) said today that it will not split the company. Agrium's statement follows media reports that a hedge fund, JANA Partners, has suggested that Agrium should split the company into separate retail and wholesale businesses.

"We are confident that Agrium shareholders will receive far greater value with less risk under the company's current strategy," said Michael Wilson, Agrium's President and CEO. "Agrium's Board has carefully evaluated the idea of spinning off Retail and has unanimously determined that it is contrary to the best interests of the company and its shareholders. Spinning off Retail would expose Agrium shareholders to substantial risk with no sustainable benefit, and we will not be pursuing it."

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