AP News

Agrium buys back 8.7M shares, doubles dividend

NEW YORK (AP) — Fertilizer maker Agrium is buying back about 8.7 million shares of its common stock for 896.1 million Canadian dollars ($901.4 million). It also plans to double its annual dividend.

The Canadian company said Monday that it will pay 103 Canadian dollars ($103.61) per share for approximately 6 percent of its outstanding stock.

Agrium Inc. will have about 149 million shares outstanding after the repurchase.

The company also said that it plans to double its annual dividend to $2 per share, paying 50 cents per share during each quarter starting in January.

U.S.-listed shares of Agrium added $2.09, or 2 percent, to $106.49 in afternoon trading. Shares are up about 59 percent in the year to date.

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