Lowe's Plan to Buy Rona - A Transaction That Serves neither the Interests of Quebecers nor Those of Canadians

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 
Canada". 
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 
Québec's interests. 
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 
Communications 418643-5270 
SOURCE: Cabinet du ministre des Finances, ministre du Revenu, ministre 
responsable de la région de Montréal 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/July2012/31/c3755.html 
CO: Ministère des Finances
ST: Quebec
NI: ECO  
-0- Jul/31/2012 13:12 GMT
 
 
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