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Lowe’s takeover of Quebec-based Rona approved by Competition Bureau

Click to play video: 'Economic Minister approves Rona sale to Lowe’s' Economic Minister approves Rona sale to Lowe’s
WATCH ABOVE: Minister of Innovation, Science and Economic Development Navdeep Bains said Friday that he had approved the sale of Quebec-based retailer Rona to American home improvement giant Lowe's – May 13, 2016

MONTREAL – The Competition Bureau has approved the Lowe’s takeover of Quebec-based Rona.

The federal agency says it has concluded the acquisition by the U.S. company won’t limit consumer choice.

The deal was overwhelmingly approved by Rona shareholders in March, but it also stirred some degree of nationalist sentiment, particularly from Pierre Karl Peladeau, the Parti Quebecois leader at the time.

READ MORE: Low loonie means Canadian companies are ripe for the pickings

Lowe’s entered the Canadian market in 2007 and had 42 stores in British Columbia, Alberta, Saskatchewan and Ontario when the $3.2-billion deal was announced in February.

Rona has 496 corporate and dealer-owned stores across Canada, including 238 in Quebec.

The transaction, which is also subject to review under the Investment Canada Act, is expected to close by the end of May.

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WATCH: Quebec politicians react to Rona sale 
Click to play video: 'Quebec politicians react to Rona sale' Quebec politicians react to Rona sale
Quebec politicians react to Rona sale – Feb 3, 2016

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