BUZZ-Lowe's Cos Inc: To buy Canada's Rona Inc

Wed Feb 3, 2016 1:14pm EST
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** Home improvement retailer's shares down 8 pct at $65.84

** To buy Canada's Rona Inc in a deal valued at C$3.2 bln ($2.28 bln), winning over Rona's board with a far higher offer than its previous unsolicited bid

** Canadian home improvement retailer's shares doubled to C$23.57, just shy of offer price of C$24 per share

** Lowe's previous attempt to take over Rona became a hot-button issue in Quebec

** Rona Chairman Robert Chevrier says he does not think Quebec or Federal Government will block Lowe's deal