WASHINGTON – Antitrust regulators 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,” according to the Justice Department.

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

An investigation 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 found that foreign manufacturers present competition, as well.

“LG, Samsung and other foreign manufacturers could increase their imports to the U.S.,” according to the department’s statement. “Existing U.S. manufacturers have excess capacity and could increase their production.”

According to the Justice Department, 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 benefit consumers, according to the department’s statement.

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.