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 $6 billion per year. Purchases from its suppliers amount to more than $2 billion a year in
Québec and more than $3.3 billion 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".
SOURCE: Cabinet du ministre des Finances, ministre du Revenu, ministre responsable de la région de Montréal
For further information:
Office of the Minister of Finance,
Minister of Revenue and Minister responsible
for the Montréal region
Director of Communications