Ice Cogeco in front of Rogers' new proposal

Ice Cogeco in front of Rogers' new proposal

Despite Rogers' announcement that it could inject up to $ 3 billion in Quebec in the event of the purchase of Cogeco, the latter replied on Friday that the Toronto company “did not need Cogeco” to invest in the province.

Rogers unveiled an investment plan on Friday “to honor Cogeco's legacy, increase connectivity in rural areas, accelerate the deployment of 5G coverage to reach 95% of Quebecers and create hundreds of highly skilled jobs with a new technological innovation center ”.

Rogers' new investment promise in Quebec has not changed Cogeco's position on the issue.

“Rogers can invest as much as it wants in Quebec, but it does not need Cogeco to do so,” replied the Quebec company in a message shared with the media on Friday.

“If they don't invest, Rogers' competitors will steal its mobile service customers, with or without 5G. As for Cogeco, the company remains focused on achieving its profitable growth strategy, investing in its state-of-the-art networks and providing cutting-edge services to its customers, ”continued Cogeco.

Tuesday, the Minister of Economy and Innovation Pierre Fitzgibbon tabled a motion in the National Assembly to recognize “all the work accomplished by Henri Audet to found Cogeco in 1957 in Trois-Rivières”, the “determination of children of the second generation ”and“ the importance of maintaining Cogeco's head office in Quebec ”. The motion was tabled jointly with the opposition parties.

Rogers had filed a joint and unsolicited purchase offer with Altice USA for the acquisition of Cogeco on September 2. The $ 10.3 billion offer was rejected out of hand by the Audet family, at the helm of Cogeco, and the Quebec government promptly expressed its disagreement with the proposal.

Rogers already owns 41% and 33% of the subordinate voting shares of Cogeco and Cogeco Communications.

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