BCE continues non-core sales to reduce debt; Bell Nordiq offer revised

24 Nov 2006

BCE Inc said yesterday that it is following through on its previously announced plan to use USD1 billion from the sale of non-core assets to reduce its debt. The Montreal-based group has been busy this year selling peripheral interests to concentrate on its main business, Bell Canada, the country’s largest telecoms company. It has reduced its stake in Bell Globemedia to 20% from 68.5% and has begun proceedings to offload a stake in its wholly owned satellite subsidiary, Telesat Canada.

Meanwhile, Bell Aliant Regional Communications Income Fund has revised the terms of its proposal to take the Bell Nordiq Income Fund private, lowering the price. Holders will receive CAD4 (USD3.49) in cash and 0.4113 of a Bell Aliant unit for each Bell Nordiq unit. Bell Aliant had initially offered CAD4.75 a unit in cash in October.