Home Business Canadian antitrust regulator plans to block Rogers’ $ 16 billion Shaw takeover...

Canadian antitrust regulator plans to block Rogers’ $ 16 billion Shaw takeover (NYSE: SJR)

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Timon Schneider / iStock Edited via Getty Images

Canada’s antitrust regulator told Rogers Communications (NYSE:RCI) and Shaw CommunicationsNYSE:SJR) about its intention to oppose the $ 16 billion deal.

Rogers (RCI) and Shaw said they were still committed to the deal, according to Fr. joint statement Saturday. Rogers and Shaw plan to oppose the bid to prevent a deal made by the Competition Commissioner while continuing to “interact constructively” with the Competition Bureau.

The companies tried to allay the regulator’s concerns by offering Shaw’s full-fledged wireless business, Freedom Mobile. Global capital offered 3.75 Canadian dollars billion to buy Freedom Mobile in the Show (SJR), Globe and mail reported in March.

The Canadian antitrust opposition follows the Radio, Television and Telecommunications Commission agreed to allow combination in March.

Shaw and Rogers have agreed to extend the date of the external deal until July 31, and the companies will continue to seek approval of the deal from the Department of Innovation, Science and Economic Development.

The approval of Canada’s Federal Innovation Department could also be a challenge, as Innovation, Science and Industry Minister Francois-Philippe Champagne said in comments in March.

“The general transfer of Rogers’ Shaw wireless licenses is fundamentally incompatible with our government’s spectrum and mobile competition policy, and I simply will not allow it,” Champagne said. said at the time.

Rogers (RCI) has announced its consent to the acquisition of Shaw (SJR) у March last year.

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