Couillard comments on Rona sale

Premier Philippe Couillard speaks in Quebec City following a cabinet shuffle some say was unnecessary.

Premier Philippe Couillard said Quebec must promote an economy open to foreign markets.

He made the comments on Thursday, one day after Lowe's announced its bid to buy the Quebec hardware chain Rona for $3 billion.

Couillard refused to say whether he thought the sale would be a good or bad thing for Quebec, but he dismissed the criticisms from Pierre Karl Peladeau and Francois Legault that there was no upside to the sale.

He said Quebec companies have been buying foreign firms, and Quebecers should realize that foreign companies can and will buy companies from Quebec.

However he said he was concerned of possible consequences of the acquisition for families, workers and Rona suppliers.

Couillard also pointed out that this purchase comes under far different circumstances than when Lowe's attempted a hostile takeover of Rona in 2012.

At that time the Liberal government took steps to ward off the sale, and the Caisse de Depot purchased additional shares in the company.

On Wednesday the Caisse de Depot said it approved of the sale at the generous price being offered, and stood to make several hundred million dollars from the sale.