Rona sale should be halted by Quebec government: PQ

Reaction was swift in Quebecto the news today that theU.S. home improvement chain, Lowe's, is buyingRona in a friendly takeover valued at $3.2 billion.

Parti QubcoisLeader Pierre Karl Pladeaugot the ball rolling early Wednesday, with a tweetchallengingQuebec's new minister of economy, Dominique Anglade, to take a stand against the purchase.

"A first test for [Dominique Anglade]: Will she intervene or let Quebec lose another company headquarters. Will she resist her own premier?" he tweeted

Anglade was named minister of economy in a cabinet shuffle last week by Quebec Premier Philippe Couillard.

Anglade replies

Angladespoke positively about the deal to reporters later on Wednesday, saying it was "wanted by both parties."

"What's important for us is to ensure that the commitments made are serious and respected," she said.

Anglade said she had spoken with the head of Lowe's Canadian operations,Sylvain Prud'homme, and that she was reassured by the company's promises to keep its headquarters in Boucherville, Que., limitjob cutsand maintainRona'ssupply chain, which relies heavily on Quebeccompanies.

Ronaemploys about 17,000 peopleacross Canada, and its affiliated dealers employ another5,000.

"What is important for us in terms of economic development, and for Quebec, is to ensure that jobs remain in Quebec, and that we possiblyeven see an increase in jobs," Angladesaid.

Pladeau se souvient

Couillard was also targeted in anothertweet by Pladeau that playedon the opposition of formerLiberal premier Jean Charest and his finance minister, Raymond Bachand, to an earlier attempt by Lowe's to buy Rona in 2012 for $1.76 billion.

"Jean Charestand his minister Raymond Bachanddefended Rona, and Philippe Couillardfolds again. No plan for Quebec," he said.

In 2012, the Charestgovernment opposed the sale on the grounds that it "wasn't in Quebec or Canada's interest," according to Bachand.

At the time, Bachand said such an acquisition was a threat to jobs in Quebec and Canada.

AngladesaidPladeau's comment does not reflect the current context in Quebec.

"We're not in 2012," she said.

Caissededpt OKs deal

The Caisse de dpt pension system, a large and influential investor in Rona, announced separately that it intended to tender its shares to Lowe's.

"Overall, la Caisse believes the transaction will result in equal or superior economic activity generated by the Rona banners in Quebec,"theMontreal-based fund manager said.