The Canadian government has approved Lowe's proposed acquisition of Rona, a Quebec-based hardware store chain. The acquisition was approved after the Canadian government made sure the deal was compliant with the Investment Canada Act, a piece of legislation that dictates how companies worth $600 million or more can be taken over by non-Canadian entities. This was the final approval the deal needed.
"Rona is a strong Canadian-business brand, there's no surprise there was international interest to acquire and maintain the brand," said Navdeep Bains, Canada's Minister of Innovation, Science and Economic Development, on Friday. "I believe that this investment in Rona demonstrates Lowe's continued commitment to the Canadian marketplace and Canadian consumers."