Agrium revealed it retained its acquisitive streak, even after losing out in its high-profile bid for US rival CF Industries, as it bought a chain of Argentine retail centres.

The Canadian fertilizer group said that the purchase of the 24 farm outlets, with combined revenues of about $57m a year, was a "great strategic growth opportunity".

And the company braced investors for further acquisitions, despite its high profile failure to secure a CF deal, which it walked away from in March after a pursuit lasting more than a year.

"We will continue to cultivate opportunities to acquire attractive acquisitions in key markets," Mike Wilson, the Agrium chief executive, said.

Retail expansion 

The deal comes as many of it peers, including Mosaic and Yara, have cut exposure in the region, selling Brazilian fertilizer assets to Vale, the state-backed mining group.

The company has continued to expand this division even when fertilizer takeovers have proved difficult, buying 24 southern US outlets from Agrilance last year, and taking a controlling stake in European distributor Common Market Fertilizers in 2008.

The Argentine acquisition, from DuPont, the US industrial conglomerate, takes to 56 the number of outlets Agrium will operate in South America under the Agroservicios Pampeanos brand.

Agrium shares stood 0.9% higher at Can$52.57 in midday trade in Toronto.

The takeover comes a day after Salman Partners, the Canadian broker, said rated Agrium stock a "top pick" with a price target of Can$103.00, citing the fertilizer group's "discipline" in ditching its CF ambitions, rather than risk overpaying by lodging a higher bid.