Teachers
Written on April 11, 2008
A consortium led by the Ontario Teachers Pension Plan has received Industry Canada’s approval for its $52 billion takeover of telecommunications giant BCE Inc.
The approval – subject to certain conditions – is the final regulatory condition to close the deal, led by Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan, that includes Providence Equity Partners Inc., Madison Dearborn Partners, LLC, and Merrill Lynch Global Private Equity.
Industry Minister Jim Prentice said the key condition is that control of the company remains in Canada. "I’m responsible for ensuring that, in fact, control stays in Canada and we’ve worked together with the proponents to make sure that is the case," he said http://pay-day-home.com.
"In terms of both shareholder meetings and all board governance meetings, there will be a majority of the directors who are Canadians."
BCE expects the transaction to close before June 30.
BCE shares closed up 71 cents at $36.70 on the Toronto Stock Exchange yesterday, as more than 6.5 million shares changed hands.
The Canadian Press
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