The Daily Chase: TSX falls from record highs; Details on latest Rogers-Shaw hurdle
BNN Bloomberg
The S&P/TSX Composite inched closer to correction territory, and enters today’s trading session 9.95 per cent below the record closing level it set barely one month ago.
10,313-PAGE ARGUMENT AGAINST SHAW-ROGERS DEAL
That's the grand tally of the six documents filed with the Competition Tribunal as the country's antitrust watchdog makes its case to block Rogers Communications Inc.'s $20-billion takeover of Shaw Communications Inc. Many of those pages are heavily redacted, and a substantial number are exhibits pulled from company documents. But if we ignore the volume and focus on the thrust of the Competition Bureau's argument, it's clear that the source of so much speculation isn't enough to appease the watchdog. "Rogers and Shaw have [redacted] with parties interested in acquiring Shaw’s Freedom Mobile wireless business and have claimed that such divestiture would eliminate any substantial lessening or prevention of competition resulting from the proposed transaction. However, the divestiture proposed is not an effective remedy for the competitive harm the Proposed Transaction has caused and will likely continue to cause," wrote Competition Commissioner Matthew Boswell in one of the documents, which goes on to elaborate on the reasons for the Bureau's skepticism about proposed owners of what's dubbed "New Freedom." We’ll chase fresh insight on what it’ll take for Rogers to overcome this daunting regulatory hurdle. And I see Adam Shine, who covers the telcos at National Bank of Canada Financial Markets, appears rather dubious of the Competition Bureau’s arguments, and openly questions much of the rationale in a report to clients this morning.
SIGN OF THE TIMES FOR CRYPTO
