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☆ Canada judge calls into question regulator's argument to block Rogers-Shaw deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Jan 24 (Reuters) - A Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid for Shaw Communications Inc (SJRb.TO) as the court hearing kicked off on Tuesday. But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. "According to the tribunal, this was not a particularly close case," the judge told the court on Tuesday. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. A spokesperson for the competition bureau declined to comment while the matter was before the court.

☆ Rogers-Shaw, Canada regulator to duke it out in federal court over C$20 bln bid
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. Rogers offered to sell Shaw's Freedom Mobile unit to Quebecor's (QBRb.TO) Videotron for C$2.85 billion to address anti-competition concerns, but the competition bureau argued that a merged Rogers-Shaw would not have a viable competitor in Quebecor. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. For that reason, I think the Court of Appeal will make sure to do it in time for the parties to close." A spokesperson for the competition bureau declined to comment while the matter was before the court.

☆ Canada's Rogers, Shaw say merger must be allowed to proceed
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Canada's antitrust tribunal approved the transaction on Dec. 30 that would create the country's second-largest telecom firm but the competition bureau later appealed the tribunal's ruling. Shaw called the appeal an "unmeritorious challenge" by the competition bureau to do a "once-in-a-generation" transaction in a separate court document filed later on Tuesday. The companies will face off against the competition bureau in a Federal Court of Appeal hearing on Jan. 24. "This pro-competitive transaction has been delayed long enough and must be allowed to proceed," Rogers said in its filing. Shares of Shaw closed up 0.4% at C$38.28, below Rogers' offer price of C$40.50 from March 2021.

☆ December inflation data: Here's how it could move markets
▼ + stars: | 2023-01-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

"Like we saw following November's CPI report, markets rallied and then pulled back," Conzo explained. The central bank remains "worried about the overheating labor market," and the CPI report is "unlikely to quell those concerns." If the inflation data shows further cooling today, how does that impact your economic outlook for the year? Along with CPI data, investors are also bracing for the release of the number of US jobless claims. Coinbase stock price on Jan. 12, 2023 Markets Insider10.

☆ Shaw Communications falls as court stay on Rogers deal sparks uncertainty
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Shares of Shaw Communications Inc (SJRb.TO) fell on Tuesday after a Federal Court put a stay on the telecom company's C$20 billion merger with Rogers Communications Inc (RCIb.TO) following a request from Canada's Competition Bureau. The agency had requested a stay on Canada's antitrust tribunal's decision from last week to approve the deal that would create the country's second-largest telecom firm. At least two analysts downgraded Shaw Communications' shares after the court's stay order, citing worries that the deal would not close on its slated Jan. 31 date. Canada's Competition Bureau said the stay on the tribunal's decision will remain until its "application for a stay and an injunction can be heard." "At current levels, we will look for investment opportunities elsewhere within the Canadian telecom sector," RBC analyst Drew McReynolds said.

☆ Wall St set to end challenging year with steep drop
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) are among the worst drags on the S&P 500 growth index (.IGX), down between 28% and 66% in 2022. The S&P 500 growth index has fallen about 30.5% this year, while the value index (.IVX) is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 116 new lows.

☆ Canada’s Rogers Communications Moves Closer to Deal for Shaw
▼ + stars: | 2022-12-30 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Rogers Communications’ deal to merge with Shaw Communications was announced last year. Rogers Communications Inc.’s proposed acquisition of Shaw Communications Inc. got a boost Thursday after Canada’s Competition Tribunal ruled against a government challenge to the deal. The Competition Tribunal, known as Canada’s merger court, said the deal’s terms “are not likely to prevent or lessen competition substantially” for consumers, contrary to claims made by the country’s Competition Bureau.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

Rogers-Shaw and Quebecor await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile Inc's spectrum license to Videotron. However, in its Thursday ruling, the tribunal said acquiring Freedom Mobile would allow Videotron to expand in new markets and ensure robust competition. The antitrust commissioner could still appeal after the tribunal details its decision over the next couple of days. The objection by the Competition Bureau was the main hurdle to overcome," Cormark Securities analyst David McFadgen said. He said there are "significant" revenue synergies for Rogers from bundling services, while Quebecor has better growth prospects from the Freedom Mobile deal.

The declines made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) the top decliners among major S&P 500 sectors, down more than 1.2% each. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 20% and the tech-heavy Nasdaq (.IXIC) nearly 34% this year. The S&P 500 growth index (.IGX) is down about 30% this year while the value index (.IVX) has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy. The tech sector has shed 29.8% this year and is among the worst performing of the major S&P 500 sectors in 2022. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and 45 new lows.

SummarySummary Companies Wall St eyes first annual drop in four yearsU.S.-listed shares of Shaw Communications jumpFutures down: Dow 0.40%, S&P 0.59%, Nasdaq 0.94%Dec 30 (Reuters) - Wall Street was set to open lower on the final trading day of a roller-coaster year marked by aggressive interest-rate hikes to curb inflation, the Russia-Ukraine war and recession fears. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 19% and the tech-heavy Nasdaq (.IXIC) 33% this year. "(The) back half of 2023 is going to be better because I believe the Fed will stop raising interest rates. ET, Dow e-minis were down 132 points, or 0.4%, S&P 500 e-minis were down 22.75 points, or 0.59%, and Nasdaq 100 e-minis were down 104 points, or 0.94%. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

The two companies had appealed the tribunal after the competition bureau rejected Shaw's proposal to sell Freedom Mobile Inc to rival Quebecor Inc's (QBRb.TO) Videotron unit for C$2.85 billion to facilitate the deal. However, in its Thursday ruling, the tribunal said such a sale would allow Videotron to expand in new markets and ensure competition remains robust. "I am very disappointed that the Tribunal is dismissing our application to block the merger between Rogers and Shaw," Matthew Boswell, Commissioner of Competition, said. The antitrust commissioner could still appeal after the tribunal lays out the details of its decision over the next couple of days. Rogers-Shaw and Quebecor now await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile's spectrum license to Videotron.

☆ Canada competition tribunal rules in favor of $14.8 bln Rogers-Shaw deal
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - Canada's competition tribunal approved on Thursday Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.77 billion) bid for Shaw Communications Inc (SJRb.TO), ending the companies' 20-month-old dispute with the antitrust authority. Canada's competition bureau had blocked the merger - one of the country's biggest - on grounds that it would reduce competition. In a ruling late on Thursday, the Competition Tribunal dismissed the Commissioner of Competition's request to oppose the deal, saying that the deal is "not likely to prevent or lessen competition substantially." The panel also ruled that the proposed deal is not likely to lead to "materially higher" prices or a decline in service, quality or innovation. "I am very disappointed that the Tribunal is dismissing our application to block the merger between Rogers and Shaw.

☆ Canada competition tribunal approves C$20 bln Rogers-Shaw merger
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

Dec 29 (Reuters) - Canada's competition tribunal on Thursday approved the C$20 billion ($14.77 billion) merger between Rogers Communications Inc (RCIb.TO) and Shaw Communications Inc (SJRb.TO) that would create the country's second-largest telecom provider after Bell. The tribunal dismissed the Commissioner of Competition's request to oppose the deal, according to the statement. ($1 = 1.3544 Canadian dollars)Reporting by Divya Rajagopal and Akriti Sharma; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Canada’s Rogers Communications Moves Closer to Deal for Shaw Communications
▼ + stars: | 2022-12-30 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Rogers and Shaw announced a deal last year to combine two of Canada’s largest communications companies. Rogers Communications Inc.’s proposed acquisition of Shaw Communications Inc. got a boost Thursday after Canada’s Competition Tribunal ruled against a government challenge to the deal. The Competition Tribunal, known as Canada’s merger court, said the deal’s terms “are not likely to prevent or lessen competition substantially” for consumers, contrary to claims made by the country’s Competition Bureau.

☆ Stocks making the biggest moves premarket: Shaw Communications, Li Auto, Southwest and others
▼ + stars: | 2022-12-30 | by ( Peter Schacknow | ) www.cnbc.com time to read: +1 min

Shaw surged 10.1% in the premarket, while Rogers gained 0.4%. Li Auto (LI) – Li Auto said it expected to deliver more than 20,000 of its electric vehicles this month, higher than the 14,087 the China-based EV maker delivered in December 2021. Tesla (TSLA) – Tesla is down 1% in the premarket after posting its first back-to-back gains since November 22 to 23. Mesa Air Group (MESA) – The regional air carrier reported a bigger-than-expected quarterly loss and revenue that fell short of analyst estimates. Mesa shares fell 3% in premarket trading.

☆ Canadian watchdog yet to decide on Roger-Shaw merger, to give notice ahead of decision
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Canada's competition tribunal said on Thursday it had not arrived at a decision regarding the C$20 billion ($14.7 billion) merger between Rogers Communications Inc (RCIb.TO) and Shaw Communications Inc (SJRb.TO). "The Tribunal wishes to advise the public that it intends to provide 24-48 hours notice on its website of the time and date of the issuance of its decision," the competition watchdog said in a notice on its website. The much-awaited decision on the merger, one of the country's biggest, will put an end to a 20-month-old dispute with the antitrust authority. The agency had blocked the merger on grounds that it would reduce competition. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Dealmakers face pressure to clinch M&A quickly in volatile markets
▼ + stars: | 2022-12-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

HSBC wrapped up the deal in just eights weeks after saying it was considering selling its Canadian business in early October. From its first contact, RBC, Canada's biggest lender, told HSBC it could close the deal quickly if selected, a person familiar with the matter told Reuters. After the final bids went in around mid-November, RBC said it could turn everything around in a week, the person added. In the United States, deal timelines fell by almost 30% to 66 days this year from last year, where transactions took more than one day to close, the data shows. Deal announcements are one thing but getting all the regulatory approvals to close a deal are another matter altogether.

☆ 'Compelling' and 'attractive': These stocks are firing on all cylinders, JPMorgan says
▼ + stars: | 2022-11-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Analysts at JPMorgan said this week there's a whole host of stocks that they say are flying under the radar. CNBC Pro combed through top JPMorgan research to find some unique stocks that are just too compelling to ignore. At the same time, Allstate's low stock valuation is "compelling," with a "depressed multiple on depressed earnings." With visibility improving, now's the time to buy the stock, JPMorgan concluded. ... .Our positive view reflects an expected recovery in margins & ALL's compelling valuation.

☆ Rogers-Shaw decision by Dec unlikely, tribunal head says as hearing starts
▼ + stars: | 2022-11-07 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

After a series of failed settlement talks, the battle between Rogers-Shaw and the antitrust agency kicked off in Canada's Competition Tribunal on Monday, which is expected to last at least four weeks. Rogers offered to sell Shaw's Freedom Mobile business to Quebecor Inc (QBRb.TO) to overcome competition bureau concerns, which the bureau rejected. It wanted the tribunal to reject the divestiture as a viable remedy and also issue an order blocking the Rogers-Shaw merger. But the initial rally in shares of Rogers and Shaw reversed after the competition bureau subsequently made clear it will pursue the litigation. Rogers-Shaw and Quebecor are racing against time to close the deal, as a delay poses financial risks, according to arguments made by the lawyers of Rogers-Shaw at the tribunal during a public hearing in late October.

☆ Judge asks Rogers, Shaw and competition bureau to convene for talks on Tuesday
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Canada Federal Court Chief Justice Paul Crampton has directed counsel for Rogers Communication Inc (RCIb.TO), Shaw Communications Inc (SJRb.TO) and the Competition Bureau to convene for a further case management conference on Tuesday. Chief Justice Crampton, who is presiding over an antitrust case against Rogers' takeover of Shaw, also asked all the parties to "reflect" about the deal, according to a notice posted on the Competition Tribunals's website. The mediation between Rogers and Shaw and Canada's competition bureau over the companies' C$20 billion ($14.69 billion) merger failed on Thursday, as the parties did not agree on the terms put forward by the tribunal. read moreRogers declined to comment when Reuters reached out to the company about the ruling, while Shaw and the Competition Bureau did not respond to requests for comment. read more($1 = 1.3612 Canadian dollars)Reporting by Rishabh Jaiswal and Juby Babu in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Rogers, Shaw say deal mediation with Canada's competition bureau failed
▼ + stars: | 2022-10-27 | by ( Divya Rajagopal | ) www.reuters.com time to read: 1 min

TORONTO, Oct 27 (Reuters) - The mediation between Rogers Communications Inc (RCIb.TO), Shaw Communications (SJRb.TO) and Canada's competition bureau over the companies' C$20 billion merger failed on Thursday, as the parties did not agree on the terms put forward by the tribunal. "We are disappointed with this outcome and believe that litigation is both unnecessary and harmful to competition. The Bureau's unwillingness to meaningfully engage unduly delays lower wireless prices for Canadian consumers," the companies said in a joint statement. The move comes days after Canada's industry minister put forward terms for the merger to proceed. read moreReporting by Divya Rajagopal and Maria Ponnezhath; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Rogers, Shaw deal mediation with Canada's competition bureau fails
▼ + stars: | 2022-10-27 | by ( Divya Rajagopal | ) www.reuters.com time to read: +1 min

TORONTO, Oct 27 (Reuters) - Rogers Communications Inc (RCIb.TO) and Shaw Communications (SJRb.TO) have failed to mediate their differences with Canada's competition bureau over their C$20 billion ($14.75 billion) merger, the companies said on Thursday. "The mediation did not yield a negotiated settlement," the companies said in a joint statement, adding that they remained committed to completing the transactions. The government's recent intervention had raised hopes that Canada would approve the merger deal, which has been blocked on competition concerns. Rogers declined to comment beyond the statement, while Shaw and the bureau did not immediately respond to requests for comment. ($1 = 1.3560 Canadian dollars)Reporting by Divya Rajagopal and Maria Ponnezhath; Editing by Devika Syamnath and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada downshift helps lift TSX to three-week high
▼ + stars: | 2022-10-26 | by ( Fergal Smith | ) www.reuters.com time to read: +1 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 182.75 points, or nearly 1%, at 19,279.76, its highest closing level since Oct. 4. The Toronto market's energy group rose 1.8% as U.S. crude oil futures settled 3% higher at $87.91 a barrel. The materials group, which includes precious and base metals miners and fertilizer companies, added 1.8%, while industrials ended 1.3% higher. Shares of Rogers Communications Inc jumped 5.8%, while Shaw Communications Inc (SJRb.TO) shares were up 7.2% as investors bet that Canada is likely to approve Rogers Communications' bid for Shaw. Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Toronto markets rally as BoC surprises with smaller 50 bps hike
▼ + stars: | 2022-10-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Canada's main stock index rallied on Wednesday as a smaller-than-expected increase in interest rate by the Bank of Canada raised hopes that the central bank could be reining in on one of its faster monetary tightening cycles ever. ET (1459 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) jumped 1.32% to 19,348.72, its highest level in more than three weeks. The Bank of Canada raised its policy rate by half a percentage point to 3.75%, a 14-year high, against the backdrop of bets for another 75 basis points increase. It forecast that the economy could soon slip into a slight recession, but investors took comfort in the central bank reaching a potential pivot in its monetary policy. Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

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