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Mattel to buy Canadian toy maker Mega Brands

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By The Associated Press
Saturday, March 1, 2014, 12:01 a.m.

Mattel Inc. has made a friendly takeover offer for Canadian toy maker Mega Brands Inc., which has the world's No. 2 line of construction sets after Lego.

The deal values the Montreal-based company at $460 million, including debt that the American industry giant will assume or repay.

Mattel manufactures Barbie dolls and Hot Wheels cars among other toys. The company said Mega Brands will help it expand in fast-growing product segments construction sets and arts and crafts.

Bryan Stockton, Mattel's chairman and CEO, said Mattel plans to keep the Mega Brands head office in Montreal and invest in manufacturing.

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