Agrium buying back 8.72 million shares

Agrium said today it will buy back 8.72 million shares, 5.5% of total share’s outstanding, at a price of C$103/share ($104/share). The buyback, which took the form of a substantial issuer bid—in which Agrium bid for its own shares—represents a 1% discount on Agrium’s closing price on the Toronto Stock Exchange as of 19 October. The consideration paid will total C$900 million ($905 million).   The buyback is “a means to return the excess capital from the agreement to sell the minority interest in the Medicine Hat nitrogen...

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