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Cogeco staying the course despite costly promises by Rogers to invest in Quebec

A file photo of the COGECO website. Cogeco says its strategy remains unchanged by promises by Rogers Communications to invest in Quebec should it acquire the Montreal-based telecom company. Friday, Sept. 25, 2020.
A file photo of the COGECO website. Cogeco says its strategy remains unchanged by promises by Rogers Communications to invest in Quebec should it acquire the Montreal-based telecom company. Friday, Sept. 25, 2020. Paul Chiasson/The Canadian Press

Cogeco Communications Inc. says its strategy is unaltered by costly promises made to Quebec from Rogers Communications Inc. in the event it succeeds in acquiring the telecom company.

Having closed the door to its sale, the Montreal-based company controlled by the Audet family, “remains focused on achieving its profitable growth strategy” and on pursuing its investments, Cogeco said in an email.

Read more: Cogeco accuses Rogers, Altice of ‘bad faith tactics’ in takeover bid

The company says Rogers can invest as much as it wants in Quebec, but doesn’t need Cogeco to do so.

The Toronto-based telecommunications giant went on the offensive Friday by unveiling a series of commitments if it manages to secure the Canadian assets of Cogeco and its main subsidiary, Cogeco Communications.

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Read more: Rogers vows to keep Cogeco in Quebec as part of takeover proposal

Under the $10.3-billion proposal earlier this month by Altice USA Inc., Rogers would acquire Cogeco’s Canadian operations for $4.9 billion.

In addition to maintaining the brand and the Montreal head office, Rogers has promised to invest $3 billion over five years, create 300 jobs through the establishment of an innovation centre in Quebec and to retain all the employees of the combined entity in Quebec, or about 5,000 people.