MONTREAL and TORONTO – While all heck breaks loose around the country’s largest telco, Bell Canada has so far remained silent.
With dozens of newspaper and other stories on both sides of the border speculating on the potential of its imminent sale, perhaps to a group of private equity funds led by Bell’s largest shareholder, the Ontario Teachers Pension Fund, BCE has said nothing.
A spokesperson told Cartt.ca yesterday that the company has been simply pointing to its statement of March 29 which said it is not actively pursuing anything right now.
The $106 billion Teachers Fund, however, looks like it is making a move, with several reports saying it has so far amassed $25 billion of the $32 billion or so required to take Bell private ($40 a share is one guess). Teachers is the largest pension fund in Canada and owns myriad assets, from Maple Leafs Sports and Entertainment to some of the country’s largest malls. It owns 5.3% of BCE’s shares.
Perhaps the most telling piece of the puzzle yet is a Financial Post story detailing how, because of a conflict, Teachers board member Thomas O’Neill quit that board. He’s also chair of BCE’s audit committee.
