Agrium Inc., major retail supplier of agricultural products and services, and AWB Limited, Australia's statutory grain marketing authority, declared that the stock holders of AWB have backed the Scheme of Arrangement about the projected acquirement by Agrium of AWB, pursuant to the implementation deal announced on August 19 this year.

The stockowners of AWB supported Agrium's acquisition of all issued as well outstanding shares held in AWB, with 97.8% of shares and 80% in number of shareholders backing up the deal.

The threshold conditions were 75% of scrips plus 50% of stockholders voting and represented during the meeting.

The stockholders of AWB also assembled today in order to vote on the constitutional amendment to eradicate the 10% limit on the sum of issued share capital in AWB, which can be possessed by any one stockholder.

The company's stockowners backed the amendment resolution with 97.7% commendation.

Around 75% of the total votes cast were needed to clear the resolution.

Mr. Mike Wilson, Agrium's President and CEO, stated, "We are very pleased that AWB shareholders have supported the acquisition and we now look forward to working with AWB employees to build on the excellent relationship that they have developed with customers. Agrium's focus will be to work with our AWB colleagues to enhance efficiencies across the agricultural value chain, including offering new products and services for the benefit of Australian and New Zealand growers once the transaction is finalized."

"We believe AWB employees and customers will benefit from being part of a larger, financially stronger organization with greater access to working capital and potential for future investment in Australia. Furthermore, we believe AWB provides an excellent base for Agrium's future growth in the Oceania and South East Asian region," Mr. Wilson added.

Agrium has decided to mostly use cash on hand to support the said acquirement.

Application will be forwarded to the Court to give nod to the Scheme of Arrangement on November 17, 2010.

If sanctioned, the deal would get finished on December 3, 2010 after which the integration process can start.