The Canada Pension Plan Investment Board is throwing its support behind management at Agrium Inc. (TSX: T.AGU, Stock Forum) (NYSE: AGU, Stock Forum) in the fertilizer giant's proxy fight with Jana Partners LLC.
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.
Agrium has urged shareholders to vote for what it called a highly successful integrated strategy that will continue to deliver shareholder value, the company said in a press release.
Agrium eased 0.28% to $97.74, leaving the company with a market cap of $14.6 billion, based on 149.4 million shares outstanding. The 52-week range is $116.4 million and $77.50.