The Ontario Teachers' Pension Plan, the Bell Canada Enterprise shareholder that worked with private equity firms on an attempted takeover of BCE that ultimately failed, reportedly has sold most of its remaining stake in the company. The 4 percent stake, more than 30 million shares, was sold for about $713 million in four large trades made late last week, the Toronto Globe and Mail reported, citing financial community sources.
BCE has been rebuilding itself and pursuing new strategies in recent months since the deal collapsed in December 2008. The OTTP stake had been worth as much as $1.2 billion, and some observers argued late last year that though the takeover attempt failed, the result was a more streamlined and efficient BCE. The OTTP first built its stake in BCE back in 2006, and it grew to be the largest investment for the pension plan.
- The Globe and Mail has this report
BCE agreed to the OTTP takeover plan in July 2007
The BCE buyout collapsed in December