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Lowe's wins over Canada's Rona with renewed takeover offer

U.S. home improvement retailer Lowe's Cos Inc (LOW.N) agreed to buy Canada's Rona Inc (RON.TO) for C$3.2 billion ($2.28 billion), winning over Rona's board with a far higher offer than an unsolicited bid more than three years ago that was opposed by the company and Quebec politicians.

The deal will put Lowe's in a stronger position to compete with Home Depot Inc (HD.N) in Canada's more-than $30 billion home improvement market.

Lowe's, which withdrew a C$1.8 billion offer for Rona in September 2012, said on Wednesday it had made key commitments, including moving the headquarters of its Canadian business from Toronto to Rona's home base in the Montreal suburb of Boucherville, Quebec.

It also said it would retain the vast majority of Rona's employees, keep the brand and ramp up distribution to independent dealers, many of whom had opposed the previous...