Agrium Shakeup Gets Thumbs Down From Canadian Pension

Law360, New York (April 5, 2013, 2:29 PM EDT) -- One of Canada's biggest pension funds on Friday said it voted against a shakeup at fertilizer company Agrium Inc. ahead of an upcoming shareholder summit, dealing a blow to activist hedge fund Jana Partners LLC and its hotly contested effort to redirect the company.

The CPP Investment Board's decision comes after a string of other prominent shareholders and heavyweight proxy adviser Institutional Shareholder Services Inc. blasted Jana's plans to install five new directors to Agrium's 11-member board. The New York investment firm has also advocated for...
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