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

Thu May 12, 2016 4:29pm EDT
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OTTAWA May 12 (Reuters) - Canada's Competition Bureau said on Thursday it would not block Lowe's Companies Inc's proposed purchase of Canadian firm Rona Inc, 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. A court in Quebec - the province where Rona has its headquarters - approved the deal in April.

($1=$1.28 Canadian) (Reporting by David Ljunggren; Editing by Alan Crosby)