CANADA - The long running bid by the Ontario Teachers Pension Plan (OTPP) to acquire Bell Canada Enterprises (BCE) has met with final regulatory approval.
In a letter to David Elder, vice president of regulatory law, BCE, minister Prentice said the sale to OTPP was permissible as the terms of the deal would ensure the company remained 'Canadian'.
As Global Pensions has previously reported (www.globalpensions.com; 10 March 2008), the OTPP deal still faces a legal challenge from some smaller bond holders of BCE, who argue the sale would severely damage BCE's market value.
OTPP was not available for comment.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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