Lowe's Plan to Buy Rona - A Transaction That Serves neither the Interests of
Quebecers nor Those of Canadians
QUÉBEC, July 31, 2012 /CNW Telbec/ - Further to information revealed today by
Rona concerning Lowe's plans, the Minister of Finance, Raymond Bachand, said:
"This transaction does not appear to be in the interests of either Québec or
Rona is a major player in Québec's economy, particularly in the manufacturing
industry because of its extensive network of suppliers and strong links with
many regional players across Canada. It should be noted that almost half of
Rona's purchases are made in Québec and almost 85% in Canada. Its retail
sales, including franchised, affiliated and other independent stores that make
purchases from Rona, total in excess of $6billion per year. Purchases from
its suppliers amount to more than $2billion a year in Québec and more than
$3.3billion in Canada.
Reacting to these plans, Mr.Bachand asked the President and CEO of
Investissement Québec, Jacques Daoust, to quickly assess all the options in
the event Lowe's goes ahead with its plans. To that end, the Minister of
Finance and his colleague, the Minister of Economic Development, Innovation
and Export Trade, Sam Hamad, mandated Investissement Québec to examine the
action to take to counter Lowe's offer, including setting up a fund to defend
The Minister also noted the orientations of the Caisse de dépôt et placement
du Québec as expressed this morning, reaffirming Rona's importance in Québec.
Mr.Bachand also contacted Rona's senior management to advise them "that we
are prepared to work with them".
Office of the Minister of Finance, Minister of Revenue and Minister
responsible for the Montréal region Catherine Poulin Director of
SOURCE: Cabinet du ministre des Finances, ministre du Revenu, ministre
responsable de la région de Montréal
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CO: Ministère des Finances
-0- Jul/31/2012 13:12 GMT
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