Business Services Industry
Agrium Completes 10 Percent Share Buyback and Initiates a New 5 Percent Share Buyback
Business Wire, Sept 15, 1998
CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 15, 1998-- Agrium(TSE:AGU.) (NYSE:AGU) Agrium Inc. (TSE and NYSE: AGU) today announced that it has completed taking up shares under the share buyback program announced one year ago and enlarged to ten percent earlier this year with the purchase of 12,420,700 common shares. The Company also announced today that it intends to commence a new share repurchase program to purchase up to five percent of its outstanding common shares commencing on or about September 17, 1998 with the expiry of the current program. The Company will be filing a Notice of Intention to make a Normal Course Issuer Bid with the Toronto Stock Exchange and, subject to regulatory approval, intends to initiate purchases from time to time in accordance with the rules of the Exchange.
The Board of Directors of Agrium believes that the current market prices of the Corporation's common shares do not reflect the underlying value of Agrium and that continuing to repurchase its shares at such attractive prices provides value to the Corporation.
Agrium Inc. is the largest North American producer of nitrogen fertilizers, and a major producer of potash and phosphate fertilizers. The Company is also a leader in the wholesale distribution and retail marketing of fertilizers, related products, and services to the agricultural industry.
CONTACT: Agrium Inc.
Ian Chadsey, Director Investor/Media Relations,
Automatic Faxback: 1-800-399-3821
403/258-8331 (FAX)
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