US Treasury's auto aid plan helps TSX close higher Dec 14, 2008
Shares in BCE Inc. lost 80 cents to $21. 23 after the telecom company said it is reinstating its dividend at 36. (Toronto Star)
BCE restores dividend, but no big-time payout Dec 13, 2008
But a day after BCE Inc.'s privatization plan collapsed, the company's chief executive says he's not about to try to make up to investors with a big cash handout. The smartest thing the company can do for shareholders in this troubled economy is maintain extra cash in its coffers, said Mr. Cope after the company reinstated its dividend yesterday, but ruled out a big one-time payout. (Globe and Mail)
BCE details dividend, share buyback Dec 13, 2008
BCE Inc. on Friday announced details of its reinstated common share dividend and a share buyback program in an effort to return value to its stock that as battered after its $52-billion leveraged takeover collapsed ... The takeover of BCE Inc. was declared dead by all participants Thursday. (Financial Post)
Solvency opinion hot topic in BCE deal Dec 12, 2008
NEW YORK (Reuters) - The collapse of the BCE Inc. (BCE.TO: , , , ) deal on Thursday, which would have been the world's largest leveraged buyout, came down to an unusual issue -- a solvency opinion. Solvency opinions provide the buyer with an independent report showing a target will meet various tests, such as the ability to pay debts as they become due. (Reuters)
BCE may face legal battles on two fronts Dec 12, 2008
TORONTO, NEW YORK BCE Inc. begins a new life today as an old public company searching for a path to greater competitiveness. But as the country's biggest phone company seeks to replot its course following the collapse Thursday of a $35-billion leveraged buyout, it faces the prospect of legal battles with its would-be buyers and unhappy shareholders. (Globe and Mail)
BCE deal officially dead Dec 12, 2008
KPMG had determined that BCE Inc. wouldn't pass a solvency test required as a condition of closing the deal, which would have been one of the biggest corporate takeovers ever in Canada. BCE Inc.. (Globe and Mail)
Government broke law on EI financing in 3 years: top court Dec 12, 2008
A legal fight looms between BCE Inc. and its would-be purchasers over the issue of a $1. 2 billion breakup fee after the $52-billion proposed privatization of Canada's largest telecommunications company was officially declared dead on Thursday. (CBC.ca)
BCE privatization transaction will not proceed Dec 11, 2008
MONTREAL, Qu;bec, Dec. 11 /CNW Telbec/ - BCE Inc. (TSX, NYSE: BCE) today announced that it received last evening from the Purchaser, a company formed by an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, and affiliates of Providence Equity Partners Inc., Madison Dearborn Partners, LLC, and Merrill Lynch Global Private Equity, a notice purporting to terminate the Definitive Agreement dated June 29, 2007, as amended. BCE disputes... (Canada Newswire)
Solvency condition not satisfied - purchaser terminates agreement to acquire BCE Dec 11, 2008
TORONTO, Dec. 11 /CNW/ - BCE Acquisition Inc. ("Purchaser") today announced that the agreement to acquire BCE Inc. (TSX, NYSE: BCE) has been terminated in accordance with its terms. Receipt of a solvency opinion from a nationally recognized valuation firm was included in the June 30, 2007 definitive agreement between the Purchaser and BCE as a mutual closing condition. (Canada Newswire)
BCE's C$34.8 bn buyout collapses Dec 11, 2008
8 bn buyout collapses, say buyers- International Business-News-The Economic Times. International Business. (India Times)
BCE confirms PricewaterhouseCoopers report Dec 10, 2008
Dave Sidaway, Canwest News Service FilesBCE Inc. has confirmed that it has hired PricewaterhouseCoopers LLP to help the company in its effort to convince KPMG LLP to give it a positive solvency opinion, but added that KPMG's opinion is the. BCE Inc. has confirmed that it has hired PricewaterhouseCoopers LLP to help the company in its effort to convince KPMG LLP to give it a positive solvency opinion ... Minutes before the close of trading Monday, shares of BCE Inc. briefly jumped almost 30%... (Financial Post)
BCE awaits its fate Dec 10, 2008
TORONTO/NEW YORK After almost two years of frantic takeover talks, court fights, salvage efforts and renegotiations, the epochal $35-billion acquisition of BCE Inc. is set to die Thursday unless the company wins a last-ditch appeal to the accountant who holds the fate of the deal in her hands. Tomorrow is when Susan Glass of KPMG LLP must give her final opinion on whether the phone giant would be solvent after a debt-heavy buyout by Ontario Teachers' Pension Plan and three U.S. partners. (Globe and Mail)
BCE's Lenders May Sidestep $7.9 Billion in Losses If Buyout Isn't Salvaged Dec 8, 2008
Dec. 8 (Bloomberg) -- The takeover of BCE Inc., Canadas biggest phone company, may collapse this week, averting at least C$10 billion ($7. 9 billion) in losses for banks led by Citigroup Inc. and Deutsche Bank AG once eager to finance the deal. (Bloomberg -- Canada)
BCE says has not received offer for minority stake Dec 6, 2008
(Adds background on deal, banks in paragraphs 9-12). NEW YORK/OTTAWA (Reuters) - BCE Inc (nyse: - - ) said Friday it has not received an offer from private equity funds to take a minority stake in Canada's biggest telecom company, now that their C$34. (Forbes)
CTVglobemedia sells half its stake in Maple Leaf Sports Dec 6, 2008
Woodbridge Co. Ltd., the Thomson family's private holding company, owns 40 per cent of the media company, while OTPP owns a 25 per cent stake, Torstar Corp. owns 20 per cent, and BCE Inc. owns the remaining 15 per cent.. Mr. Tanenbaum said the deal, which requires league approvals, demonstrates his long-term commitment to MLSE and its teams despite the current uncertain economic climate. (Globe and Mail)
Telus cuts 100 management jobs Dec 6, 2008
Telus is Canada's second-largest telecommunications company, behind BCE Inc.. On Friday, Telus stock was trading down 4 per cent, a loss of $1. (Globe and Mail -- Business)
As BCE shares jump, sources deny rumours Dec 5, 2008
Rumours that the purchasers of BCE Inc. would settle for a minority stake in the telecom giant if the leveraged buyout cannot be salvaged sent the stock up 5 per cent yesterday. However, sources familiar with the $35-billion privatization plan said there was nothing in the works that would see the Ontario Teachers' Pension Plan and its partners pay up to $10-billion for a 20-per-cent stake in BCE.. (Globe and Mail)
BCE denies Teachers' group seeks minority stake Dec 5, 2008
MONTREAL BCE Inc. denied Friday rumours that the investment group led by the Ontario Teachers' Pension Plan is proposing to take a minority holding in Canada's largest telecommunications company. While it is BCE's policy not to comment on rumours or speculation, in the interest of its shareholders, BCE is today confirming that no such offer has been made to the company, the company said in a statement. (Globe and Mail -- Business)
Did BCE wimp out? Dec 3, 2008
The finger-pointing began seconds after directors of BCE Inc. were told at an emergency board meeting last Tuesday that the company's long-delayed, $35-billion sale had effectively been killed by a failed solvency test. Who is responsible for this mess. (Globe and Mail -- Business)
Rogers Communications Founder and Chief Executive Ted Rogers Dies at 75 Dec 3, 2008
Last year, after Rogers shares tripled in value in three years, the companys market value briefly surpassed that of BCE Inc., parent of Bell Canada, the countrys largest telephone company. Ive lost a friend whose wisdom and constant drive for innovation was a source of both inspiration and motivation, BCE CEO said in an e-mail. (Bloomberg -- Canada)
With markets in turmoil, how to buy gold bars Dec 1, 2008
" What is Tier 1 capital and what does it tell you about a bank's health? Tier 1 capital includes a bank's common equity - the value of the shares it has sold to the public - plus the value of its non-cumulative preferred shares, and its retained earnings. These are instruments that can't easily be redeemed by holders, so they are considered permanent. Tier 1 capital, as a proportion of a bank's overall assets, is a key measure of its financial strength. There are international standards, set by... (Globe and Mail)
What's ahead for BCE? Dec 1, 2008
What should BCE Inc. do now that the world's biggest leveraged buyout appears to be dead. We think the telecom giant should proceed in much the same way it would have if the $35-billion deal had closed as planned. (Globe and Mail -- Business)
Canadian exporters' golden era may be over Nov 30, 2008
Aside from tumbling commodity prices, the loonie has been dragged down by political uncertainty around Prime Minister Stephen Harper's minority government and the apparent collapse this week of the sale of BCE Inc. The Canadian dollar closed yesterday at 80. 84 cents (U.S.), down 0. (Toronto Star)
CTV cuts 105 positions Nov 30, 2008
CTV is an arm of CTVglobemedia Inc., which is owned 40 per cent by Woodbridge Co. Ltd., the Thomson family's private holding company, 25 per cent by the Ontario Teachers' Pension Plan, 20 per cent by Torstar Corp. and 15 per cent by BCE Inc.. When CTVglobemedia chief executive officer Ivan Fecan addressed employees in a town hall last week, he said that in addition to the job cuts there will also be a freeze on travel, entertainment spending and new hiring. (Globe and Mail)
BCE pressing Teachers for fee payment Nov 30, 2008
BCE Inc. and its retreating suitor Ontario Teachers' Pension Fund are feuding again, this time over a $1. 2-billion termination fee. (Globe and Mail)
Public plans quiet on rumours of losses Nov 30, 2008
For a fund with assets of $108-billion at the end of 2007, such a decline would hardly be life-threatening, but coming in the midst of the likely collapse of the Teachers-led buyout of BCE Inc. and the worst financial crisis since the Depression, the rumours highlight growing public concern about Canada's second-largest pension fund. The picture appears even gloomier at the Caisse de depot et placement du Quebec, the largest public pension fund. (Financial Post)
Citigroup Shares Jump, More Than Double This Week Nov 29, 2008
November 28, 2008 FONT SIZE. NEW YORK (Reuters) - Citigroup shares soared on Friday, and more than doubled this week, as investors expressed relief that the second-largest U.S. bank by assets won a government bailout, and separately might not have to suffer big losses from helping to fund a giant leveraged bailout. (ABC News -- Wire)
Canadian Dollar Posts Sixth Monthly Decline on Commodities Including Oil Nov 29, 2008
The loonie, as Canadas dollar is known for the aquatic bird on the one-dollar coin, tumbled two days ago after BCE Inc. said its C$52 billion leveraged buyout may collapse. The countrys largest phone company blamed current market conditions. (Bloomberg -- Canada)
CTV to lay off 105 TV employees Nov 28, 2008
The company has four shareholders: Woodbridge Co., the investment vehicle for Canada's Thomson family at 40%; Torstar Corp. at 20%; the Ontario Teachers Pension Plan at 25% and BCE Inc. at 15. Canwest Global Communications Inc., owner of the National Post, laid off about 5% of its workforce last week. (Financial Post)
TSX extends gains to five days Nov 28, 2008
BCE Inc., meanwhile, ended down 2 to $25. 23, one day after falling close to 35. (Financial Post)
Relief falls short, pension plans warn Nov 28, 2008
That means federally regulated plans - which include those of Air Canada, Canadian National Railway and BCE Inc. - will have 10 years rather than five to make up any differences between their asset values and their pension obligations. The assistance had been sought this fall by many federally regulated pension plans, which banded together to lobby for federal help with the soaring deficits that have resulted from plunging stock markets. (Globe and Mail -- Business)
BCE Bonds Rise on Expectations Leveraged Buyout by Teachers' Will Collapse Nov 28, 2008
Nov. 27 (Bloomberg) -- BCE Inc. bonds rose and credit risk declined on expectations a C$52 billion ($42 billion) takeover by a Canadian pension fund will fail, meaning the countrys biggest phone company wont be saddled with more debt. As a bondholder its positive news, said , a vice president at Natcan Investment Management in Montreal, which oversees more than C$2 billion in corporate bonds, including BCE. The fact that leverage will not triple is very good news. (Bloomberg -- Canada)
Final hurricane tally: 60 gulf rigs destroyed Nov 27, 2008
The largest leveraged buyout in history is unlikely to close after the Canadian telecom company BCE Inc. said Wednesday an audit has found the proposed $35 billion deal to take the company private may not meet solvency requirements. An investment group led by the Ontario Teachers Pension Plan Board and several U.S. partners had expected to complete its deal for BCE, the parent of Bell Canada, on Dec. 11. (San Francisco Chronicle -- Business)
BCE Deal May Be in Jeopardy Due to Solvency Issues Nov 27, 2008
In this May 22, 2008 file photo, the head offices of BCE Inc. are seen in downtown Montreal. In this May 22, 2008 file photo, the head offices of BCE Inc. are seen in downtown Montreal ... Canadian telecom company BCE Inc. says its $35 billion privatization deal may be in jeopardy, as a preliminary review has found the proposed acquisition may not meet solvency requirements. (ABC News -- Wire)
What kind of company will Cope be running? Nov 27, 2008
George Cope took the helm of BCE Inc. this summer promising fast-paced change to a third-place competitor with a bloated and largely demoralized work force. The veteran telecom executive was determined to use the planned $35-billion privatization of the company as his engine for change. (Globe and Mail)
Derek DeCloet takes questions on BCE Nov 27, 2008
Investor confidence took another blow Wednesday after telecom giant BCE Inc. issued a surprise warning that its plans for privatization are in jeopardy because it failed a preliminary solvency test conducted by KPMG.. Investor Michael Smedley, of Morgan Meighen & Associates in Toronto, called the development the highest-impact event for the Canadian market in the current financial crisis, aside from the collapse of the market for asset-backed commercial paper. (Globe and Mail)
Hedge funds take a beating Nov 27, 2008
If you've taken a hit on your holdings of BCE Inc., you can take some comfort in knowing you've got famous company legendary Connecticut trader Steven Cohen. Mr. Cohen's aggressive SAC Capital Advisors is one of the large hedge funds that accumulated BCE shares in the past year, playing the arbitrage game in the hope of making a bundle on the spread between the trading price and the $42. (Globe and Mail)
Canadian agency takes heat over BCE rating Nov 27, 2008
The rating agency DBRS, the firm at the centre of Canada's asset-backed commercial paper scandal, has landed in hot water again, this time over what some are calling an over-optimistic opinion on the now moribund BCE Inc. buyout. What would have been one of the world's largest LBO deals hit a brick wall Wednesday after KPMG reviewed the deal and decided that the privatized company would not pass a solvency test due to the massive debt load. (Financial Post)
BCE's vulnerability a wakeup call to all investors Nov 27, 2008
Globe and Mail Update. November 27, 2008 at 6:00 AM EST. (Globe and Mail -- Business)
Landmark BCE takeover in doubt Nov 27, 2008
Shares of telecommunications giant BCE Inc. remained deep under water early Wednesday afternoon, after plunging 40 per cent at the opening bell following a warning by the company that its massive planned privatization is in jeopardy. The shares were trading at $25. (Globe and Mail -- Technology)
What are you doing with your BCE shares? Nov 27, 2008
The $35-billion takeover of BCE Inc. is now in jeopardy, as the auditors say they have issues with a key solvency test. And that leaves shareholders holding the bag. (Globe and Mail -- Technology)
Citigroup, Toronto-Dominion Gain as BCE Deal Failure May Avert Writedowns Nov 27, 2008
Nov. 26 (Bloomberg) -- , Toronto-Dominion Bank and gained after BCE Inc. said its C$52 billion ($42 billion) takeover may collapse, helping the banks avert potential writedowns from financing the worlds second- largest leveraged buyout. KPMG, the auditor for the takeover by the Ontario Teachers Pension Plan, said the purchase would leave Canadas biggest phone company insolvent under current market conditions. (Bloomberg -- Canada)
Canada's Currency Depreciates After BCE Says Leveraged Buyout May Collapse Nov 27, 2008
Nov. 26 (Bloomberg) -- Canadas currency dropped for the first time in four days after BCE Inc., the countrys largest phone company, said its C$52 billion ($42. 4 billion) takeover may not close as scheduled on Dec. 11. (Bloomberg -- Canada)
BCE statement regarding privatization transaction Nov 26, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
BCE deal dodges another bullet Nov 26, 2008
With the clock ticking toward a Dec. 11 closing deadline, the $52 billion buyout of BCE Inc. appeared to dodge yet another bullet this week after Washington moved to bail out Citigroup Inc., the deal's biggest financial backer. Shares of BCE soared nearly 10 per cent, or $3. (Toronto Star)
Citigroup fears hit BCE, but stocks mount late rally Nov 23, 2008
8 billion buyout of Canadian telecom giant BCE Inc. Worries about the bank's health dragged on BCE shares, sinking the stock 2. 7 per cent to $34. (Toronto Star)
CRTC to rule on Internet 'traffic shaping' Nov 20, 2008
com: CRTC to rule on Internet 'traffic shaping. CRTC to rule on Internet 'traffic shaping. (Globe and Mail)
Canadian buyouts on track for 2006 pace Nov 14, 2008
Canadian banks such as Royal Bank of Canada are still willing to backstop loans for small deals that are structured conservatively, and most of the buyouts in Canada are relatively small, notwithstanding the headlines garnered by blockbusters such as BCE Inc.. A return to the boom times anytime soon, though, isn't likely given the slowdown in fundraising. (Globe and Mail)
Meltdown sets back hedge fund master Nov 12, 2008
Sources close to Lawrence Partners say the fund's prime brokers at BMO Nesbitt Burns and CIBC World Markets cut back on their loans, and that forced the fund to sell holdings in takeover targets Fording Canadian Coal Trust and BCE Inc. at a loss. The fund was also negatively impacted by the delay in closing and lowered pricing in the acquisition of PBS Coals a major holding by OAO Severstal, Mr. Sood wrote. (Globe and Mail -- Business)
BCE takes major steps toward completing buyout Nov 11, 2008
Telecommunications giant BCE Inc. took two big steps yesterday toward completing the $52. billion takeover deal with a group led by the Ontario Teachers Pension Plan by the new deadline of Dec. 11. (The Gazette (Montreal))
Judge denies injunction to stop BCE takeover Nov 11, 2008
A Saskatchewan judge on Monday denied a shareholder claim seeking an injunction to halt the $35-billion leveraged buyout of BCE Inc.. A lawsuit filed last month by Merchant Law Group LLP in Regina on behalf of two investors is seeking damages of more than $588-million for cancelled dividends. (Globe and Mail -- Business)
Canada court denies injunction to stop BCE deal Nov 11, 2008
Seen your credit card limit cut. Been turned down for an auto loan. (San Diego Union-Tribune -- Business)
Canadian Tire reports summer profit rise Nov 9, 2008
He had held a variety of senior positions within the BCE Inc. group of companies. "(Wetmore) does carry a very big, very diverse background ... he has a very good track record," Yarbrough said. (Toronto Star)
Pricing powers Canadian Tire Nov 8, 2008
He had held a variety of senior positions within the BCE Inc. group of companies and has sat on Canadian Tire s board of directors for the past five years. "(Wetmore) does carry a very big, very diverse background . . . he has a very good track record," Yarbrough said. (TheChronicleHerald.ca)
Samsung launches CLEO - the ultimate fashionista accessory Nov 7, 2008
MISSISSAUGA, ON, Nov. 7 /CNW/ - Samsung Electronics Canada and Bell are dialing up high style with the launch of the ultimate must-have for any text-messaging maven - the Samsung CLEO(TM). " Samsung is also partnering with Bell to offer the perfect holiday gift - the Kisses from CLEO gift set featuring the Samsung CLEO, a decorative phone charm, a Cake Kiss mulberry sorbet lip butter and a 15% discount coupon for Cake Beauty products. The Samsung CLEO is available for as little as $49.95 on a... (Canada Newswire)
Tim Hortons Inc. Announces 2008 Third Quarter Results Nov 7, 2008
He was formerly President of BCE Inc. and President and Chief Executive Officer of Bell Canada. Mr. Osborne is a director of RioCan Real Estate Investment Trust and Torstar Corporation. (Canada Newswire)
Who makes money in this crowd? Nov 3, 2008
In a market that sees BCE Inc., Telus Corp. and Rogers Communications Inc. lure their customers with sexy smartphones and multimedia devices, it appears the only way to put a dent into Canada's incumbent cellphone players is by selling cheap, no-frills wireless plans. Now another company looks to elbow itself into the realm of the budget-conscious consumer. (Financial Post)
BCE earnings crumble in Q3 Nov 2, 2008
BCE Inc. said yesterday its third-quarter earnings fell sharply because of restructuring charges and the loss of home-phone business, but insisted the $52-billion bid from the Ontario Teachers Pension Plan will take place by Dec. 11. The telecommunications giant's shares have been trading below $35, a steep discount from the $42. (The Gazette (Montreal))
BCE model will be put to the test soon Oct 31, 2008
Which brings us to Montreal-based telecom giant BCE Inc. - still the subject of speculation on whether it can complete a $52-billion transaction to go private by the scheduled Dec. 11 closing. Font. (The Gazette (Montreal))
BCE, Bombardier pension plan shortfalls grow Oct 31, 2008
BCE Inc. and Bombardier Inc. are among the Canadian companies whose pension funds have been hit hard by the stock market meltdown, analysts say. Communications giant BCE has watched its pension plan deficit soar 277 per cent this year to an estimated $3. (Globe and Mail)
Restructuring erodes BCE profit Oct 30, 2008
BCE Inc. said Wednesday profit tumbled 39 per cent in the third quarter, hit by restructuring charges as the country's biggest phone company prepares to go private. The company said profit fell to $248-million, or 31 cents a share, on sales of $4. (Globe and Mail -- Business)
BCE Reports 2008 Third Quarter Results Oct 29, 2008
MONTREAL, Quebec, Oct. 29 /CNW Telbec/ - BCE Inc. (TSX, NYSE: BCE), Canada's largest communications company, today reported BCE and Bell Canada results for the third quarter of 2008 ... Privatization Transaction As previously announced, BCE Inc. entered into a definitive agreement dated June 29, 2007, as subsequently amended, relating to its privatization through the proposed acquisition by a corporation owned by an investor group led by Teachers' Private Capital, the private investment arm of... (Canada Newswire)
Credit Suisse, Deutsche Pull Debt for Apollo; Raises Questions on BCE Bid Oct 29, 2008
The seizure of credit markets has raised questions about whether the pending leveraged buyout of Canadian telephone company BCE Inc. for a record C$51. 7 billion ($40. (Bloomberg -- Canada)
Second lawsuit challenges BCE buyout Oct 28, 2008
A group of BCE Inc. shareholders seeking more than $588-million in damages for cancelled dividends has hit the communications giant with new litigation that once again attempts to derail the largest leveraged buyout in history. The suit, seeking class-action status, claims that "BCE has in bad faith, illegally and oppressively failed to declare dividends, even though the net profits and the condition and character of the business clearly warranted it.". (Globe and Mail)
BCE expected to close by December, but debt pushed to 2009 Oct 28, 2008
With the buyout of BCE Inc. set to close by December 11 and roughly 20% below the $42. 75 offer price, the unprecedented amount of capital injected into the banking system should, in theory, increase the probability of the deal going through. (National Post)
