Canada’s Competition Bureau said on Thursday it would not block Lowe’s Companies Inc‘s (LOW.N) proposed purchase of Canadian company Rona Inc (RON.TO), saying it was satisfied the deal would not substantially lessen competition.
The $3.2 billion (US$2.5 billion) takeover bid, which Lowe’s unveiled in February, will help the U.S. home improvement retailer compete with Home Depot Inc (HD.N). A court in Québec, the province where Rona has its headquarters, approved the deal in April.
Update: Rona’s largest investor, the Caisse de dépôt et placement du Québec, previously said it would accept Lowe’s offer.
(Reporting by David Ljunggren; Editing by Alan Crosby)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Reuters/Fred Prouser