Industry Canada approves BCE privatization

By Lisa Kerner

Charlotte, N.C., June 23 - BCE Inc. received the final regulatory approval required in its proposed privatization.

Industry Canada's approval became effective June 20, a BCE news release said.

As previously reported, the Supreme Court of Canada set aside a lower court decision, affirming BCE's privatization by way of a plan of arrangement.

Investors holding Bell Canada debentures complained the arrangement to privatize BCE was unfair, believing they would be forced to guarantee $34 billion in loans without receiving anything in return, a prior news release stated.

On July 2, 2007, an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, agreed to acquire all of the common shares of BCE not owned by Ontario Teachers for C$42.75 each and all of the company's preferred shares at between C$25.25 and C$25.87 each.

BCE is a Montreal-based communications company that provides telephone, internet, television and information services.

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