Posted AT 1:20 AM EST on 08/03/08
BCE scores huge victory over bondholders
Canada's biggest phone company is one big step closer to private hands after a Montreal judge dismissed an attempt by bondholders to stop the $34.8-billion takeover of BCE Inc.
The bondholders, including some of Canada's largest financial firms, were seeking to stop Ontario Teachers' Pension Plan and its U.S. partners from completing the buyout. Failing that, they sought at least to win compensation for a decline in the value of their bonds or the right to vote on the takeover.
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