Agrium to pay more in dividend

Thu Jan 22, 2015 9:02am EST
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Jan 22 (Reuters) - Canadian fertilizer and farm retail dealer Agrium Inc said it would pay out 40-50 percent of its free cash flow as dividend, up from its earlier target of 25-35 percent.

Agrium also said the Toronto Stock Exchange has accepted its plan to make a normal course issuer bid for up to 5 percent, or nearly 7.2 million, of the company's common shares over the next 12 months.

A normal course issue bid lets a Canadian company buy back its own stock in order to cancel it. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Joyjeet Das)