U.S. home-improvement giant Lowe’s is no longer seeking to buy Canada’s Rona Inc. The U.S. retailer had planned to acquire the Quebec-based company for $1.8 billion.
Rona and the Quebec government have vehemently objected to Lowe’s overture, which started privately in 2011 and became public in July.
In a statement on Monday, the U.S. company said about the withdrawal: “Lowe’s continues to believe that a combination of Lowe’s and Rona makes business sense and would create significant value for all stakeholders.”
The statement called Rona’s decision to reject the takeover bid “unfortunate.”