Egypt shelves deal with Agrium

Egypt shelves Agrium deal for a $280 million investment in fertilizer plant

CAIRO, Egypt (AP) -- Egypt says it has canceled a deal with the Canadian company Agrium Inc. to invest $280 million in a fertilizer plant on the Nile delta.
A Cabinet statement issued Tuesday says the deal was shelved because of "civic" opposition -- a reference to street protests over environmental hazards.

Egypt's parliament has also voted to move the $1.2 billion nitrogen products plant, which is already under construction.

Agrium has said it may have to write off its investment. Tuesday's Cabinet statement says a government-owned company will arrange a buyout.

U.S. shares of the company fell 20 cents to $79.35 in midday trading.