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Canada: Lowe’s $3.2 billion Rona takeover cleared

 |  May 15, 2016

Canada’s Competition Bureau and Investment Canada have approved the Lowe’s takeover of Quebec-based Rona.

The federal competition watchdog said May 12 that the acquisition by the U.S. company won’t limit consumer choice, while the deal was granted approval under the Investment Canada Act.

The $3.2 billion agreement was overwhelmingly approved by the Boucherville, Que. home improvement chain’s shareholders in March, but it also stirred some degree of nationalist sentiment, particularly from Pierre Karl Peladeau, the Parti Quebecois leader at the time.

owe’s entered the Canadian market in 2007 and had 42 stores in British Columbia, Alberta, Saskatchewan and Ontario when the $3.2-billion deal was announced in February.

Full Content: Canadian Manufacturing

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