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Feb 3 (Reuters) - U.S. home improvement retailer Lowe's Companies Inc said it would buy Rona Inc in an all-cash deal valued at C$3.2 billion ($2.28 billion) to expand its presence in Canada.
Lowe's will pay C$24 per share for Rona's common shares, more than double the stock's closing on Tuesday. The deal also include a C$20 per share cash payment for Rona's preferred shares. ($1 = 1.4012 Canadian dollars) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)