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Canada competition bureau won't block Lowe's purchase of Rona

Reuters

OTTAWA (Reuters) - Canada's Competition Bureau said on Thursday it would not block Lowe's Companies Inc's (NYSE:LOW - News) proposed purchase of Canadian firm Rona Inc (Toronto:RON.TO - News), saying it was satisfied the deal would not substantially lessen competition.

The C$3.2 billion ($2.5 billion) takeover bid, which Lowe's unveiled in February, will help the U.S. home improvement retailer compete with Home Depot (NYSE:HD - News). A court in Quebec - the province where Rona has its headquarters - approved the deal in April.

(Reporting by David Ljunggren; Editing by Alan Crosby)