Shares of Shaw Communications Inc (SJR) were on an upward trajectory in pre-market trading on Friday after Canadian Minister of Innovation, Science and Industry, Francois-Philippe Champagne approved Rogers Communications’ (RCI) takeover bid of C$20 billion ($15 billion) for SJR. This merger is expected to create Canada’s #2 telecommunications company.
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A Globe and Mail report stated that Champagne could also approve the transfer of Shaw’s wireless licenses held by its Freedom Mobile unit to Quebecor.
RCI and Shaw Communications had agreed to the sale of the Freedom Mobile unit to Quebecor for C$2.85 billion to secure government approval for the merger.
SJR stock has gained 3.14% in the past three months.