US telecom giant Verizon has approached its northern neighbour, Canada, to petition the government to relax foreign ownership restrictions of its domestic telecoms companies.
Foreign companies cannot own more than 46.7% of any Canadian telco – whether…
US telecom giant Verizon has approached its northern neighbour, Canada, to petition the government to relax foreign ownership restrictions of its domestic telecoms companies.
Foreign companies cannot own more than 46.7% of any Canadian telco – whether directly or indirectly according to the Telecommunications Act 1993. Verizon has argued in a paper to the Canadian Radio Television and Telecommunications Commission that these restrictions are precluding Verizon Canada from making direct network investments and offering new services in Canada.
Verizon has said it wanted any restrictions on foreign direct investment and ownership removed, arguing that the change would introduce more competition and encourage innovation.
Meanwhile south of the border, Verizon has been given the go-ahead to correct an in-house lawyer’s drafting error in its pension plan that could have cost the second-largest US phone company US$1.67bn.
