Saturday, June 30, 2007

Pension Plan wins telecom bid

Does this Canadian pension plan story strike anyone as strange?
"BCE Inc., Canada's largest telecommunications company, said Saturday it has reached an agreement to be bought by a group led by the Ontario Teachers Pension Plan for C$51.7 billion (US$48.5 billion), in the largest takeover in Canadian history.

The Ontario Teachers Pension Plan Board in cooperation with U.S.-based Providence Equity Partners and Madison Dearborn Partners, LLC won out over several other bidders in a cash deal that will take the company private, BCE said in a statement.

'It is gratifying to see that BCE's Board of Directors shares our vision for this initiative, and we are honored to lead the largest buyout transaction in Canadian corporate history,' Jim Leech, senior vice-president of Teachers' Private Capital, the investment wing of the pension plan, said in the statement."
Maybe it is just me.


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