Rona of Canada Rejects $1.8 Billion Offer From Lowe’s |
| New York Times - Jul 31, 2012 |
The American home improvement chain Lowe’s said it would continue to pursue a deal for Rona, a Canadian rival, after its $1.8 billion takeover offer was rejected.
Lowe’s is the latest American retailers looking for growth in Canada, which boasts a comparatively healthy economy and housing market.
“Bottom line, we believe that our proposal is good for Rona and the communities it serves in Quebec as well as across Canada, and it is also good for consumers,” Robert A. Niblock, the chairman, president and chief executive of Lowe’s, said in a statement.
But the province of Quebec, where Rona has its headquarters, said that it would try to prevent any takeover. Raymond Bachand, Quebec’s finance minister, said that a Lowe’s deal “does not appear to be in the interest of Quebec or Canada.” He said that the province was considering several options, including the creation of a fund “to defend the interests of Quebec.”
Read Full Article from New York Times
- Posted: 2012-07-31 14:23:21
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