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Rogers says Canada's antitrust bureau must expedite Shaw M&A hearing

By Divya Rajagopal TORONTO (Reuters) - Rogers (NYSE:ROG) Communications said on Thursday that Canada's competition commissioner has a "statutory obligation" to expedite the...
Rogers says Canada's antitrust bureau must expedite Shaw M&A hearing © Reuters. FILE PHOTO: The headquarters of Rogers Communications Inc. is seen in Toronto, Ontario, Canada November 6, 2016. REUTERS/Chris Helgren/File Photo

By Divya Rajagopal

TORONTO (Reuters) - Rogers (NYSE:ROG) Communications said on Thursday that Canada's competition commissioner has a "statutory obligation" to expedite the hearing into the company's proposed acquisition of Shaw Communications (NYSE:SJR) Inc.

There are no compelling reasons to change the dates that were agreed by the parties, Rogers said.

Rogers made the comments in a formal objection filed with the competition tribunal, where it rejected the competition commissioner's request for additional time to investigate the sale of Freedom Mobile to Quebecor Inc.

The antitrust agency has blocked Rogers' C$20 billion ($15.5 billion) acquisition of Shaw saying it would lessen competition in Canada's concentrated telecoms market, where customers pay among the highest bills.

Rogers offered the sale of Freedom Mobile as a way to allay competition concerns.

The antitrust authority requested at least a six-week extension to the merger proceedings to examine whether the sale of Freedom Mobile will uphold competition in Canada's telecom market. The tribunal will hear the arguments on extending the hearing timeline this week from all the concerned parties.

For a story on the next steps on Rogers-Shaw hearing.

The lawyers for Rogers had sent a letter to the tribunal in July objecting to the request for an extension but Thursday's filing expands on their arguments.

Shares of Shaw Communications were trading up 0.6% at C$34.93, a discount of 13.8% to Rogers' offer price. Rogers was trading up 0.1% at 57.30, while the benchmark Canada share index was steady.

($1 = 1.2868 Canadian dollars)

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    EUR/USD 1.0166 Buy  
    GBP/USD 1.2040 ↑ Sell  
    USD/JPY 135.38 ↑ Buy  
    AUD/USD 0.6925 ↑ Sell  
    USD/CAD 1.2915 ↑ Buy  
    EUR/JPY 137.63 Neutral  
    EUR/CHF 0.9689 ↑ Sell  
    Gold 1,776.65 Neutral  
    Silver 19.753 Buy  
    Copper 3.5830 ↑ Sell  
    Crude Oil WTI 87.56 ↑ Buy  
    Brent Oil 93.09 ↑ Buy  
    Natural Gas 9.279 ↑ Buy  
    US Coffee C 218.28 ↑ Buy  
    Euro Stoxx 50 3,756.06 Sell  
    S&P 500 4,271.30 ↑ Sell  
    DAX 13,626.71 Sell  
    FTSE 100 7,515.75 Neutral  
    Hang Seng 19,922.45 Neutral  
    Small Cap 2000 1,983.00 ↑ Sell  
    IBEX 35 8,434.80 Neutral  
    BASF 42.685 Neutral  
    Bayer 53.37 Neutral  
    Allianz 177.54 Buy  
    Adidas 169.10 ↑ Sell  
    Lufthansa 6.467 ↑ Sell  
    Siemens AG 108.64 ↑ Sell  
    Deutsche Bank AG 8.856 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
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SJC Hanoi6,620/ 6,722
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SJC Danang6,620/ 6,722
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SJC Nhatrang6,620/ 6,722
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SJC Cantho6,620/ 6,722
(0/ 0) # 1,697
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Cập nhật lúc 18:50:59 17/08/2022
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