Quebec government ‘recognizes importance’ of keeping Cogeco in the province

The minister has praised Cogeco executive chairman Louis Audet for his actions


Quebec’s Minister of Economy and Innovation, Pierre Fitzgibbon, says he recognizes the importance of keeping Cogeco’s headquarters in the province.

The Globe and Mail reports Fitzgibbon has praised Cogeco executive chairman Louis Audet for acting to “keep the decision-making centre of the company in Quebec.”

In a motion, he said that the Quebec government “recognized that Cogeco plays an important role in the media and telecommunications world in Quebec” and that it “recognizes the importance of maintaining Cogeco’s head office in Quebec.”

This comes as Rogers promised to keep Cogeco’s headquarters in Quebec after its rejected joint acquisition proposal with Altice USA.

It’s no surprise that the situation has become political, as Quebec Premier François Legault expressed opposition towards the proposal the day it was announced. Legault vowed to prevent Cogeco’s headquarters from being moved out of Quebec.

Cogeco’s major stakeholder, the Audet family, has repeatedly said that its shares are not up for sale. Cogeco has also said that it’s going to focus on what matters, which is executing its growth strategy and investing in its North American broadband and media platforms.

Despite this, Rogers has said that it remains committed to pursuing the transaction and is open to engaging with shareholders.

Source: Globe and Mail