Industry Canada approved Bell Canada Enterprises’ buyout by the O...
Industry Canada approved Bell Canada Enterprises’ buyout by the Ontario Teachers Pension Plan consortium, with conditions, Bell Canada said Wednesday. Bell Canada now has all needed regulatory sign-offs, but bondholders’ appeal of the Quebec Superior Court’s approval is still…
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pending. After the appeal, to be heard April 28, financing will be the deal’s last hurdle. BCE still expects the deal to be completed in the second quarter. Industry Canada Minister Jim Prentice said conditions keep Canadians in control of BCE. “The conditions aren’t onerous,” said SeaBoard Group analyst Iain Grant. BCE and Industry Canada agreed Canadians must be in the majority on the board, executive committee and compensation committee. Those Canadians must be “independent” from non-Canadian shareholders, Industry said. At all shareholders’ meetings, Canadians must represent the majority of voting shares. Also, Industry Canada said the veto threshold for major decisions must be raised to C$150 million ($153 million). The Canadian Radio-TV and Telecommunications Commission forced similar conditions when it approved the buyout last month (CD March 31 p5).