Canada’s antitrust regulator plans to block Rogers $16B takeover of Shaw (NYSE:SJR)
[ad_1]
Timon Schneider/iStock Editorial through Getty Photos
Canada’s antitrust regulator knowledgeable Rogers Communications (NYSE:RCI) and Shaw Communications (NYSE:SJR) of its intention to oppose the $16 billion transaction.
Rogers (RCI) and Shaw reported they continue being fully commited to the deal, according to a joint statement Saturday. Rogers and Shaw plan to oppose the application to avert the deal designed by the Commissioner of Competition, while continuing to “engage constructively” with the Competitiveness Bureau.
The providers have been attempting to remedy the regulator’s worries by means of proposing the complete sale of Shaw’s wi-fi organization, Freedom Cellular. Globalive Capital supplied C$3.75 billion to purchase Independence Mobile from Shaw (SJR), the World and Mail claimed in March.
The Canadian antitrust opposition will come immediately after The Canadian Radio-tv and Telecommunications Fee agreed to let the mixture in March.
Shaw and Rogers agreed to lengthen the exterior day for the transaction until July 31 and the firms will will carry on to look for acceptance of the Transaction from the Ministry of Innovation, Science and Financial Development.
Approval from Canada’s federal innovation office may also show a difficult endeavor as Innovation, Science and Marketplace Minister François-Philippe Champagne indicated in comments in March.
“The wholesale transfer of Shaw’s wi-fi licenses to Rogers is essentially incompatible with our government’s insurance policies for spectrum and cellular company opposition, and I will simply not permit it,” Champagne explained at the time.
Rogers (RCI) introduced its arrangement to get Shaw (SJR) in March of past 12 months.
[ad_2]
Source link