Canada competition bureau won't block Lowe's purchase of Rona

Thu May 12, 2016 4:31pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

OTTAWA (Reuters) - Canada's Competition Bureau said on Thursday it would not block Lowe's Companies Inc's (LOW.N: Quote) proposed purchase of Canadian firm Rona Inc RON.TO, saying it was satisfied the deal would not substantially lessen competition.

The C$3.2 billion ($2.5 billion) takeover bid, which Lowe's unveiled in February, will help the U.S. home improvement retailer compete with Home Depot (HD.N: Quote). A court in Quebec - the province where Rona has its headquarters - approved the deal in April.

(Reporting by David Ljunggren; Editing by Alan Crosby)