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Rogers Communications Inc on Friday responded to the Canada competition bureau's attempts to block its C$20 billion ($15.89 billion) deal to buy Shaw Communications Inc, arguing the merger would create more competition rather than stifle it.

Rogers Communications Inc on Monday said it will not proceed to close its proposed C$20 billion ($15.8 billion) purchase of Shaw Communications Inc until it reaches an agreement with the competition bureau or the competition tribunal gives its verdict.

Shaw (SJR) reported earnings 30 days ago. What's next for the stock?

Canada's competition bureau said on Friday that its decision to start litigation to block Rogers Communications' C$20 billion ($15.5 billion) bid for Shaw Communications does not prevent the parties and the bureau from reaching a settlement.

Canada's Competition Bureau has blocked Rogers Communications' C$20 billion ($15.4 billion) proposal to buy Shaw Communications, but the regulatory agency's patchy record in legal fights raises the prospect the deal could go through with more concessions.

Shares of Rogers Communications Inc and Shaw Communications Inc sank on Monday after regulatory opposition threatened to derail their $16 billion deal that would create Canada's No.2 cellular and cable operator.

Canada's Commissioner of Competition intends to oppose Rogers Communications Inc's proposed C$20 billion ($16 billion) merger with Shaw Communications Inc, the companies said in a statement early Saturday.