In what probably will be its last earnings report as a public company, Bell Canada Enterprises, parent of Bell Canada, reported a sharp decline in third quarter profit, but indicated that the acquisition of the company was still on track to close Dec. 11. BCE's quarterly profit of $630.2 million (U.S.) was down 28 percent from the same period last year, though costs related to restructuring and job cuts took much of the blame for the dip.
BCE is in the process of being acquired by a group that includes the Ontario Teachers Pension Plan Board and U.S. private equity firm partners. But, it has been hounded by the possibility that financing for the deal could fall apart amid the debt market crisis and related troubled in the banking industry.
- Forbes has the Associated Press story
BCE's buyer announced a closing date back in July
The new BCE potentially faces a re-tooling