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Call by Federal Liberals to Improve the Investment Canada Act Reinforced by Potential RONA Takeover

Call by Federal Liberals to Improve the Investment Canada Act Reinforced by Potential RONA Takeover

Posted on August 1, 2012

MONTRÉAL—Liberal Quebec Caucus Chair Denis Coderre made the following statement today on the possible acquisition of RONA by the US-based Lowe’s:

“It has quickly become evident that the Government of Quebec has serious concerns about what a foreign takeover of RONA would mean for the province.

The federal Liberal Party has been calling for changes to the Investment Canada Act which would provide a clear role for affected provincial governments and specific ways in which the public can express their views during the review process. While an official foreign takeover bid for RONA has yet to be made, it is important to immediately define a more formal consultation process for affected provinces.

The government also needs to clarify what constitutes a ‘net benefit’ to Canada so that Canadians can evaluate a foreign investment review decision in a fair and impartial manner.”

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