WASHINGTON (AP) — Antitrust regulators on Wednesday approved Whirlpool Corp.'s proposed $1.79 billion purchase of Maytag Corp., saying the merger would not reduce competition substantially.

The existence of strong rivals and the cost savings the new company would generate indicate "this transaction is not likely to harm consumer welfare," the Justice Department said.

Whirlpool CEO Jeff Fettig said the companies expect to close the deal by Monday.

An investigation by the department's Antitrust Division found that an effort by the new company to raise prices on its washers and dryers "likely would be unsuccessful" because at least five other companies are well-established in U.S. markets.

Those competitors include the Sears Holding Corp.'s brand Kenmore, General Electric Co. and Frigidaire, which is made by Electrolux AB. The Justice Department also concluded that foreign manufacturers have quickly established themselves in recent years.

"LG, Samsung and other foreign manufacturers could increase their imports to the U.S.," the department said in a statement. "Existing U.S. manufacturers have excess capacity and could increase their production."

The Justice Department said large retailers including Sears, Lowe's Companies Inc., The Home Depot Inc. Co. and Best Buy have alternatives available to help them resist any attempt by the combined company to raise prices.

The cost savings and other efficiencies gained by the merger should also benefit consumers, the department said in a statement.

Some analysts and antitrust lawyers had expected the Justice Department to object to the deal. The merger would create a company producing half of the dishwashers in the United States and more than 70 percent of the clothes washers and dryers.

Such a rise in market concentration has typically drawn a challenge from the government.

Assistant Attorney General Thomas O. Barnett said the combined market share prompted a lengthy investigation by his staff.

"It's fair to say that Maytag and Whirlpool account for a large share of the laundry products sold in the United States today and that relatively large share creates an initial rebuttable presumption that justifies an extensive look," he said.

However, he said the investigation resolved those concerns.

The department asked for more time to review the merger last month, prompting wide speculation that it was preparing to challenge the deal.

Whirlpool, based in Benton Harbor, Mich., is the largest appliance manufacturer in the United States.

Maytag, based in Newton, Iowa, is number three, behind GE Consumer products.