UPDATE 2-Rona, Lowe's deny report of new takeover offer

Mon Nov 12, 2012 12:53pm EST
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* Rona says "no discussions" with Lowe's

* Rona CEO Robert Dutton stepped down on Friday

* CEO's departure stirred speculation that Rona was in play

* Lowe's withdrew offer to buy Rona for C$1.8 bln in Sept

* Shares up on Toronto Stock Exchange (Adds comment from Lowe')

Nov 12 (Reuters) - Canadian home-improvement retailer and distributor Rona Inc and U.S. rival Lowe's Cos Inc both denied on Monday a newspaper report that they were back in takeover talks.

Longtime Rona Chief Executive Robert Dutton stepped down on Friday following disappointing quarterly results, reviving speculation that the company was in play.

Rona, disputing a report in the Quebec newspaper La Presse, said it has not received any kind of proposal from Lowe's and "there have been no discussions between the two companies on this subject".

Lowe's withdrew a C$1.8 billion ($1.8 billion) proposal to buy Rona in mid-September after opposition from Rona's management, politicians in Rona's home province of Quebec, and some of its independent dealers.   Continued...