A man carries building supplies from a Rona store in Toronto on July 31, 2012. The Lowe's home improvement chain is retreating from its controversial plan to buy Rona. THE CANADIAN PRESS/Nathan Denette
MOORESVILLE, N.C. - The Lowe's home improvement chain is retreating from its controversial plan to buy Rona Inc. (TSX:RON).
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.