April 9, 2013 / 6:30 PM / 4 years ago

Hedge fund Jana says Agrium proxy vote tainted

Barry Rosenstein lead partner of Jana leaves the Agrium annual general meeting in Calgary, Alberta, April 9, 2013. REUTERS/Todd Korol

CALGARY, Alberta (Reuters) - Jana Partners, the biggest shareholder in Agrium Inc (AGU.TO), said on Tuesday the election for the fertilizer company’s board of directors was tainted, and the activist fund appeared to concede that none of its candidates had been elected.

Jana said that votes cast for some of its five candidates for the 12-member board were revoked after Friday’s deadline.

Jana’s managing partner, Barry Rosenstein, said at Agrium’s annual general meeting in Calgary, Alberta, that the hedge fund had had enough votes as of Friday’s deadline to elect one or more of its candidates.

“We have learned, however, that yesterday, three days after the vote deadline, votes for us were revoked, enough apparently to change the outcome of the vote,” he said.

Reporting by Scott Haggett in Calgary, Alberta; Editing by Gerald E. McCormick; and Peter Galloway

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