The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A man carries building supplies from a Rona store in Toronto on July 31, 2012.
A man carries building supplies from a Rona store in Toronto on July 31, 2012.
(Nathan Denette/CP)

SUBSCRIBERS ONLY

With Rona board shakeup, Caisse soothes Invesco’s itch to sell

The battle over troubled home improvement retailer Rona Inc. has ended in armistice. After pushing for a whole new board, Rona’s second largest shareholder, Invesco Canada Ltd., has agreed to a plan to bring in eight new directors, upping the board size to 14 members from 12. Investors might be surprised to see that Rona’s largest shareholder, the Caisse de dépôt et placement du Québec, is onside with Invesco, until they realize what has really changed: Invesco is no longer pushing for a sale of the company to U.S. retail giant Lowe’s Cos. Inc.