YANKEE GO HOME: The Quebec provincial government said that the potential for a hostile takeover of Canada’s largest home improvement chain by a U.S. rival is not in the province’s or the nation’s interest after Rona Inc. rejected a $1.75 billion offer from Lowe’s, of Mooresville, N.C.
CANADIAN HOME IMPROVEMENT FOR CANADIANS: Quebec finance minister Raymond Bachand said he may intervene to block any further attempt to buy Rona. He called it a major player in the province’s economy, saying that almost half of Rona’s purchases are made in the French-speaking province and almost 85 percent in Canada.
Recommended Stories
BREACHING THE WALL: Any foreign takeover of Rona would require federal government approval. Canada’s federal conservative government rejected Anglo-Australian BHP Billiton’s hostile takeover bid for Saskatchewan’s Potash Corp. under pressure from Saskatchewan’s provincial premier and ahead of a federal election.
BARBARIANS, AND RETAILERS, AT THE GATE: Lowe’s is the latest U.S. retailer looking to expand in Canada. Target is set to enter Canada next year.
