Winnipeg Free Press - PRINT EDITION

Quebec looks at takeovers

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MONTREAL -- Quebec Finance Minister Nicolas Marceau says the new Parti Québécois government wants legislation to make it more difficult for Quebec companies to be sold following a hostile takeover bid from foreigners.

The change could potentially help Quebec-based businesses such as Rona Inc., whose thwarted takeover offer from a U.S. retailer in the summer drew sharp criticism from politicians in the midst of an election campaign.

It could also help others such as Metro and Jean Coutu.

Marceau said Quebec wants to give boards of directors the right to take into account the views not only of shareholders, but also employees, retirees, suppliers and affected communities after receiving a hostile bid.

 

-- The Canadian Press

Republished from the Winnipeg Free Press print edition November 24, 2012 B7

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