Robert Dutton, Former Rona CEO, Got $4.5 Million Severance Package

MONTREAL - Hardware and lumber retailer Rona Inc. says it paid former CEO Robert Dutton a severance package worth more than $4.5 million as part of nearly $6.9 million in total compensation last year.

In regulatory documents it filed ahead of its annual meeting in May, the Quebec-based company said Dutton's severance package included $1.8 million in cash representing two years of base salary and the vesting of more than 224,000 options granted since 2009.

Lowe’s hires Ottawa lobbyist in push for Rona takeover

U.S. retailer Lowe’s Cos. Inc. has retained the services of an Ottawa lobbyist as it tries to navigate tricky political waters in its attempt to land Quebec hardware chain Rona Inc.

Robert Evershed, principal at Prospectus Associates in Corporate Development Inc., disclosed in Canada’s registry of lobbyists that his firm began promoting Lowe’s interests as of Aug. 20.

Lowe’s takes heat in bid for RONA

U.S. home improvement giant Lowe’s is hoping to build itself a bigger piece of the Canadian market with an unsolicited $1.76 billion takeover bid for Quebec-based RONA Inc.

The bid, announced (and rejected) by RONA Tuesday morning, got a big thumbs-down from credit ratings agencies and stock markets, drew heated criticism from Quebec’s finance minister, and a boost in holdings by RONA’s biggest shareholders. But experts say it’s far from dead, despite the opposition.

“The board believes that, in the best interests of RONA and its stakeholders, the corporation should remain focused on executing its business plan with a view to capturing significant opportunities that it sees for its business,” RONA said in a written statement.