The proposed $26-billion merger between two of Canada's telecom titans has hit a new regulatory hurdle after the Commissioner of Competition has indicated it intends to block the deal.
Rogers Communications Inc. and Shaw Communications Inc. issued a joint statement late on Friday evening indicating they learned of the commissioner's plans after markets closed for the day.
The Competition Bureau is one of three regulatory bodies whose approval is needed for the deal to go through. The Canadian Radio-Television and Telecommunications Commission signed off earlier this year, and the companies are actively trying to sell Shaw's wireless business Freedom Mobile which is expected to be a condition of approval from Innovation, Science and Economic Development Canada.
But both companies say they plan to press ahead with the deal and fight the commissioner's efforts to block it. "Rogers and Shaw will oppose the application to prevent the transaction to be made by the Commissioner of Competition, while continuing to engage constructively with the Competition Bureau in an effort to bring this matter to a resolution and ensure that the transaction’s benefits can be realized by all Canadians," the joint statement read.
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