CEO of Lowe's says deal to acquire Rona not likely to happen this year; offer Lowe's made last month to buy Rona received cool reception from Rona, Canadian leaders
August 21, 2012
(Industry Intelligence Inc.)
– The CEO of Lowe’s Cos. Inc. says a deal to buy Canadian home-improvement retailer Rona Inc. will not happen anytime soon, The Globe and Mail reported Aug. 20.
Robert Niblock said during the company's earnings call that if a deal were to happen, it would likely not be completed until next year.
The U.S. retailer offered to buy Rona in July. Its bid was rejected, and the company and Canadian politicians have expressed disapproval of the deal.
However, Niblock said acquiring a company like Rona fit in well with the company's goal of expanding internationally.
Lowe's has 31 locations in Canada.
The primary source of this article is The Globe and Mail, Toronto, Ontario, on Aug. 20, 2012.