Not for sale

Rona, a Canadian distributor and retailer of hardware, home improvement and garden products, has made it clear that it is not up for sale. The declaration came in reaction to a remark from Robert Hull, chief financial officer of Lowe’s, the group’s American competitor, who described Rona as a “very interesting company”, which apparently sparked off an increased demand for Rona’s shares. Rona points to the fact that it intends to stick to its business plan for 2012, which includes launching a new neighbourhood supplier concept. The plan provides for stores with an average sales area of 3 250 m², which are expected to account for some 20 per cent of the corporate store portfolio.