OTPP closes on BCE
CANADA - The consortium including the Ontario Teachers Pension Plan (OTPP) moved a step closer to acquiring Bell Canada Enterprises (BCE) as shareholders voted overwhelmingly in favour of the deal.
The Canadian Competition Bureau also confirmed its review into the deal has been completed “favourably”, leaving only a few more regulatory approvals to be received.
Some 97% of BCE shareholders voted to allow the offer by OTPP and its partners, which greatly outweighed the 66% needed to carry the motion.
The final approval must be given by the Superior Court of Montreal, which will hear the case on 10 October 2007.
The deal is set for completion in the first quarter of 2008.
OTPP and its partners beat off competition on the transaction from consortiums featuring neighbouring pension plans including; Ontario Municipal Employees Retirement Board (OMERS) and Canadian Pension Plan Investment Board (CPP).
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