Although Shaw and Rogers aren't direct competitors in cable and internet because their networks are in different parts of the country, they have been fierce combatants in the wireless sector since Shaw bought the former Wind Mobile in 2016.
"As is the case in all telecom combinations, we expect there to be some pushback from the regulatory bodies given the potential impact this transaction would have on competition and wireless pricing," wrote Canaccord Genuity analyst Aravinda Galappatthige in a note to clients.
Rogers chief executive Joe Natale told analysts in a morning conference call that it's too early to speculate on whether the competitors will be required to divest any of their operations before approval is granted from federal regulators, including the Competition Bureau.