11:32:54 EDT Fri 30 Sep 2022
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Telus Corp (2)
Symbol T
Shares Issued 1,420,217,622
Close 2022-09-22 C$ 28.83
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Globe says Telus boss renews calls on foreign ownership

2022-09-23 07:47 ET - In the News

The Globe and Mail reports in its Friday edition that Telus chief executive officer Darren Entwistle is renewing his call for the Canadian government to relax the foreign-ownership rules for the big telcos. The Globe's Rita Trichur writes that Mr. Entwistle believes that a wave of consolidation -- including the proposed tie-ups of Rogers-Shaw, Quebecor-Freedom and Bell-Distributel -- is creating a pivotal moment for competition. Those deals demonstrate that Ottawa's efforts to micromanage market competition have failed. The federal government is still trying to solve the same old problem and creating uncertainty for industry players in the process. There is a better way: If lower prices, connectivity and innovation are the Trudeau government's overarching goals, then the time is right for Canada to finally heed Mr. Entwistle's advice and let market forces prevail. "The best protection shouldn't be artificial regulation," he said recently. "The best protection should be a fully valued stock price." Open the telecom market and let the best in the world compete. Telecom companies require scale to remain profitable. That is why it makes a lot of sense to fully open the Canadian market to deep-pocketed foreign investors.

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