Activist Investor a Fly in Agrium's Ointment

Your Inputs Monitor has been watching the discussion between Agrium Inc. and activist investor JANA Holdings of New York. (read more) JANA holds the largest stake (5%) in the company and has been lobbying shareholders to support JANA's proposed restructuring of the ag giant.

I spoke personally with a JANA representative who was adamant that their plan would unlock value for shareholders. But Morgan Stanley, Agrium's wingman in the discussion, isn't so sure the math is right.

So far, Agrium continues to snub JANA's advances, and reports have been consistent in saying Agrium has no interest in bowing to JANA's wishes. A Reuters exclusive outlines the current state of the discussion as of today.

(click here for the Reuters story)