Cardinal Update – September 2016

RISK: SO FAR, BUT NO FURTHER – On September 12, Agrium (AGU) and Potash Corp. (POT) announced a merger plan to create the largest crop nutrient company in the world, three times the size of its nearest competitor. While impressive, we believe the merger increases AGU’s exposure to commodity prices and raises the risk profile of the company. We feel that the merger will result in a company that does not serve the best interests of our clients, thus leading us to exit our position in the company…….

COMPANY FOCUS:  WPP PLC – We have recently added WPP PLC (WPP) to our buy list for Canada Plus and Foreign accounts. London based WPP is the world’s leading advertising agency holding company by both market
capitalization (£22.1B) and revenues (£12.9B)……

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