Calgary, Alberta, Canada
May 4, 2011

ALL AMOUNTS ARE STATED IN AUD (A$)

Agrium Inc. (TSX and NYSE: AGU) announced today that Cargill, Incorporated ("Cargill") has received clearance from Australia's Foreign Investment Review Board ("FIRB") for Cargill’s proposed acquisition of AWB Limited’s (“AWB”) Commodity Management Business from Agrium. FIRB has notified Cargill that there are no objections to the proposed acquisition. This follows the Australian Competition and Consumer Commission’s approval of the acquisition.

As a result, the condition precedent to the Commodities Management Sale Agreement between Agrium and Cargill in relation to regulatory approvals is now satisfied.
On December 15, 2010, Agrium reached a definitive agreement with Cargill pursuant to which Cargill agreed to acquire a majority of the commodity management businesses of AWB. Further details of this transaction will be provided upon closing, which is expected within the next two weeks.

“We are pleased that all the necessary approvals have now been obtained to complete this transaction. This will allow us to focus our efforts in Australia on what we do best, bringing value to our grower customers through our retail Landmark business,” said Agrium’s President and CEO, Mr. Mike Wilson. “Likewise, we believe Australian grain growers will further benefit from Cargill’s expertise in grain handling and international marketing,” added Mr. Wilson.

Agrium Inc. is a major Retail supplier of agricultural products and services in North America, South America and Australia and a leading global Wholesale producer and marketer of all three major agricultural nutrients and the premier supplier of specialty fertilizers in North America through our Advanced Technologies business unit. Agrium’s strategy is to grow across the value chain through acquisition, incremental expansion of its existing operations and through the development, commercialization and marketing of new products and international opportunities. Our strategy places particular emphasis on growth opportunities that both increase and stabilize our earnings profile in the continuing transformation of Agrium.

Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, Cargill is a privately held company that employs 131,000 people in 66 countries. They help customers succeed through  collaboration and innovation, and are committed to sharing their global knowledge and experience to help meet economic, environmental and social challenges. Cargill Australia was established in 1967 to serve the country’s large grain export industry and has since extended its involvement into several other agricultural and industrial areas. These areas include oilseed and meat processing, grain and oilseed storage and flour milling.

Website: http://www.agrium.com

Published: May 4, 2011