TORONTO (AP) - The top executive of Verizon says the U.S. wireless giant "never really seriously looked" at entering the Canadian market."
There had been reports that Verizon would bid on two smaller wireless companies in Canada and on wireless spectrum.
Verizon CEO Lowell McAdam said Tuesday any plan is "off the table at this point."
Shares in Canada's big three telecom companies surged on the news.
Shares of Rogers jumped almost 7 percent, BCE rose 4 percent, and Telus surged 7 percent. The companies complained Verizon would be given an unfair advantage to bid on spectrum.
The Canadian government wants to introduce more competition. Canadians have long complained of expensive wireless plans and poor service.
Verizon announced it is buying the 45 percent of its wireless business owned by British cellphone carrier Vodafone.
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9/3/2013 12:02:22 PM (GMT -4:00)