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CALGARY – Jana Partners, the New York activist hedge fund that waged a proxy fight against Agrium Inc. (TSX:AGU), says it has sold down its stake in the fertilizer giant.

The fund will remain among Agrium’s biggest shareholders with a 2.7 per cent stake, down from its previous 7.6 per cent position.

Jana says the decision was made “in the course of managing its overall portfolio.”

In a filing to U.S. regulators, Jana says it’s pleased with progress Agrium has made toward returning cash to shareholders, disclosing more information about its retail business, controlling costs and improving corporate governance.

Jana says it still believes Agrium should at least conduct an unbiased review of splitting up its retail and wholesale segments, but says a newly increased dividend should help investors better appreciate the steady retail cash flow.

Last week Agrium announced CEO Mike Wilson will be retiring in the new year, to be replaced by current chief operating officer Chuck Magro.

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