BUSINESS

Lowe's Rona Bid: Teamsters Join Quebec In Opposing Buyout Of Canadian Retailer

08/03/2012 09:50 EDT | Updated 08/03/2012 09:50 EDT
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MONTREAL -- A major union has joined the outcry against the proposed takeover of Rona Inc. (TSX:RON) by Lowe's, the No. 2 home-improvement chain in the United States.

The Teamsters union says it's worried about the survival of jobs if the American company succeeds in buying Canada's largest home-improvement retailer.

The president of Teamsters Local 1999, Serge Berube, says the union is against Lowe's proposal because there are too many unknowns for its members at Rona.

He noted Rona's management and directors have already rejected Lowe's proposal and Quebec's finance minister has spoken against a takeover.

He says the Teamsters union doesn't share Lowe's values in the area of human resource management and may get involved if Lowe's raises its bid.

The union has 125,000 members in Canada and is affiliated with the International Brotherhood of Teamsters, which has 1.4 million millions across North America.

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