Case Studies

Friendly Merger – Lowe’s and RONA


In 2012, the first attempt by U.S. home improvement retailer Lowe’s to acquire Quebec-headquartered RONA triggered fierce controversy in Quebec and fueled an ongoing debate about “protecting” Quebec businesses. The 2016 friendly take-over offer had the potential to re-ignite the political debate and lead to another abandoned transaction.

How NATIONAL helped

NATIONAL worked with both Lowe’s & RONA to present a unified front to reassure all stakeholders and to change the public dialogue about the transaction from “hostile takeover” to “growth and mutual benefit.” NATIONAL provided market intelligence that shaped all key messages to ensure thorough understanding of the transaction benefits. NATIONAL managed all internal and external communications in collaboration with U.S. based advisors and lawyers from both sides of the transaction. Through the successful positioning of the merger, they were able to secure support from key stakeholders including La Caisse de dépôt et placement du Québec CDPQ, the Government of Quebec and institutional shareholders. Ultimately, the Lowe’s/RONA transaction proceedings were finally completed on friendly and positive terms.

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