Reuters: Global Markets: Top Rona shareholder Invesco seeks to replace board

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Top Rona shareholder Invesco seeks to replace board Nov 14th 2012, 15:04 Wed Nov 14, 2012 10:04am EST (Reuters) - Invesco Canada Ltd (IVZ.N), a large investor in Rona Inc (RON.TO), said it would ask the Canadian home improvement chain to call a shareholder meeting to vote on removing its directors, a move that could intensify takeover speculation. Rona stock rose more than 7 percent after Invesco announced its intentions in a statement on Wednesday. Invesco controls about 10.16 percent of the retailer and distributor's outstanding shares. Rona's longtime chief executive, Robert Dutton, stepped down on Friday following disappointing quarterly results, reviving speculation that the company is in play. U.S.-based rival Lowe's Cos Inc (LOW.N) withdrew a C$1.8 billion ($1.8 billion) proposal to buy Rona in mid-September after opposition from the Canadian company's board and management. The proposal, which never became a formal offer, also faced criticism from politicians in Rona's home province of Quebec and many of its independent dealers. Shares of Rona were up 7.1 percent at C$11.76 in morning trading on the Toronto Stock Exchange. (Reporting by Allison Martell; Editing by Lisa Von Ahn)

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