By Peter Kaplan

WASHINGTON (Reuters) - The chairman of a U.S. Senate antitrust subcommittee said on Thursday lawmakers would "closely examine" the collaboration between Google Inc and Yahoo Inc, but antitrust lawyers said the deal would probably not meet trouble with antitrust authorities.

Democratic Sen. Herb Kohl of Wisconsin said the deal between Google and Yahoo "raises important competition concerns."

"The consequences for advertisers and consumers could be far-reaching and warrant careful review, and we plan to investigate the competitive and privacy implications of this deal further in the Antitrust Subcommittee," Kohl said in a statement.

The two companies announced the Web advertising resale pact on the same day that Yahoo said it had ended all talks with Microsoft about a partial acquisition of Yahoo. Last month, Microsoft called off talks on a full-scale Yahoo merger.

The Google-Yahoo partnership "is an important model; a new one in the (Internet) industry; and a common one in other industries," Google CEO Eric Schmidt told Wall Street analysts on a conference call on Thursday, referring to how companies in mature industries often are forced to both compete and cooperate with one another.

Google studied similar non-exclusive pacts in other industries while working out a deal with Yahoo, Google's General Counsel Kent Walker told Reuters in an interview.

"We see this as very much analogous to Toyota selling hybrid technology to General Motors and competing in the overall market, or Canon providing laser printer engines to HP and competing in the laser printer market," Walker said.

"It's a pro-competitive thing when one competitor has technology to bring efficiency gains to the whole market," he added.