Evidence of meeting #53 for Industry, Science and Technology in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was rogers.
A video is available from Parliament.
4:25 p.m.
Bloc
Sébastien Lemire Bloc Abitibi—Témiscamingue, QC
If I'm not mistaken, the next critical date is January 31, 2023.
What happens if the merger hasn't gone through by that date?
4:25 p.m.
President and Chief Executive Officer, Rogers Communications Inc.
The three parties you see here today have agreements that go to January 31. We are working hard to get this transaction completed by that date. We have continued to provide the minister with all the information and, as he's publicly said, he is going through the due process before he makes his decision.
I don't want to speculate on what will happen if it goes beyond January 31. That will be something we'll all need to take back, but right now we're working with the deadline in the agreements we have in front of us.
4:25 p.m.
Bloc
4:25 p.m.
Liberal
The Chair Liberal Joël Lightbound
Thank you, Mr. Lemire.
Mr. Masse, for our last round of questions, you have two and a half minutes.
4:25 p.m.
NDP
Brian Masse NDP Windsor West, ON
Thank you, Mr. Chair.
Let's be clear. I've read the tribunal decision a number of times, and what's key is that it won't lessen competition. If I had a constituent or anybody else or the business community that uses services, and I said that was the threshold we should actually go toward, they'd look at me as though I were insane. They'd look at me and say, “That's all you expect—that it won't lessen competition?” at a point in time where we've used a public asset to create highways and tollways in the sky and have made things uncompetitive in many respects.
My question is for Shaw.
Mr. English, you mentioned it would be a scary proposition. Given the fact that we have so many uncertainties here, what is scary about it? Is it going to be for the family? Is it going to be for the shareholders? Why should the public and the minister rescue Shaw for basically giving up in many respects by not bidding on spectrum in the last auction and then basically throwing in the towel ever since?
4:25 p.m.
Executive Vice-President, Chief Financial and Corporate Development Office, Shaw Communications Inc.
Mr. Masse, I don't accept your assertion that we've given up and thrown in the towel. It's been a very difficult and long process, and I think we've done a good job running our business during the last two years with this level of uncertainty facing us.
The reality is, Mr. Masse, we need to sell the business because of the investments going forward, and they will be substantial within wireline and wireless. Frankly, we don't have the operational or financial scale to make those investments in a significant manner going forward.
The fact of the matter is that this series of transactions now puts both of our businesses in the right hands—of Videotron and Freedom together—to invest in wireless in the future. Also, with Rogers, in terms of our wireline business, we will continue to invest and innovate and compete for Canadians in western Canada against Telus.
If this deal doesn't go ahead, we don't have a plan B.
4:25 p.m.
NDP
Brian Masse NDP Windsor West, ON
You have had the most monopolistic opportunities and some of the highest prices and profit margins. To then suggest that wasn't enough says a lot about the current state of the Canadian telco industries.
Thank you very much, Mr. Chair.
4:25 p.m.
Liberal
The Chair Liberal Joël Lightbound
Thank you, Mr. Masse. That concludes our second round of questions.
Mr. Perkins.
4:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
Just before we conclude, I have a request. I understand that Rogers has extended the bond deal to the end of the year, so there is more time to deal with this, but could Rogers please table with the committee the standard NDA that you presented to all? I assume it was the same for all potential buyers.
4:25 p.m.
President and Chief Executive Officer, Rogers Communications Inc.
We'd be happy to provide that standard NDA document.
4:25 p.m.
Liberal
The Chair Liberal Joël Lightbound
Thank you, Mr. Staffieri. You can submit that through the clerk.
I want to thank our witnesses for this last panel. Thank you for taking the time.
Thank you, colleagues, for this enlightening and long day.
I'd like to inform you that we won't be meeting in camera. Because we're running late, we won't have access to the necessary resources. However, we will continue the discussion offline.
I'd like to thank the witnesses. Thank you, everyone.
The meeting is adjourned.