MOORESVILLE, N.C. — The Lowe’s home improvement chain is retreating from its controversial plan to buy Rona Inc.
The withdrawal comes after Rona, the Quebec government and others objected to a sale of Canada’s largest home improvement chain.
Lowe’s says it has been unable to come up with a friendly deal but remains committed to the Canadian market through its own stores.
The North Carolina-based company had informally offered C$14.50 per share in cash.
A Rona store in Mississauga, Ont.
Lowe’s withdraws controversial proposal to buy Rona but leaves door open
The Canadian Press
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