UPDATE 5-Major Rona shareholder Invesco seeks to replace board

Wed Nov 14, 2012 9:34pm EST
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* Call for shareholder meeting intensifies takeover talk

* Invesco move follows resignation of longtime Rona CEO

* Invesco controls 10.16 pct of home improvement chain

* Lowe's withdrew proposed offer for Rona in September

* Rona shares rise 4.8 pct on Toronto Stock Exchange (Adds Rona statement in paras 4-5)

By Allison Martell

Nov 14 (Reuters) - Invesco Canada Ltd, one of the largest investors in Rona Inc, called for the removal of the company's board on Wednesday, reviving speculation that the Canadian home improvement chain was ripe for a takeover bid.

Rona's stock rose nearly 5 percent after Invesco said it would request a shareholder meeting for a vote on replacing the directors of the retailer and distributor.

The move could pit Invesco, with about 10.16 percent of Rona's outstanding shares, against the company's current board, a number of its independent dealers, and even the government in its home province of Quebec.   Continued...