Friday, June 20, 2008

Supreme Court of Canada Rules in Favour of Bell (BCE Inc)

From Report on Business:

OTTAWA — BCE Inc.'s $35-billion sale to Ontario Teachers' Pension Plan can proceed after the Supreme Court of Canada threw out a lower court a decision that put the largest buyout in Canadian history in jeopardy.

The decision was unanimous, and costs are awarded to BCE. The reasons for the court's decision are to come later.

Also see CBC: Top court says BCE deal can go ahead

The text of the Court's endorsement, setting out its ruling, is as follows:

Docket

32647

BCE Inc., et al. v. A Group of 1976 Debentureholders composed of: Aegon Capital Management Inc., Addenda Capital Inc., Phillips, Hager & North Investment Management Ltd., Sun Life Assurance Company of Canada, CIBC Global Asset Management Inc.,, et al.

Judgment on the appeal rendered, CJ Ba Bi LeB De Abe Cha,

The appeals from the judgments of the Court of Appeal of Quebec (Montréal), Numbers 500-09-018525-089 and 500-09-018527-085, dated May 21, 2008, heard on June 17, 2008, are allowed with costs throughout.

The decision of the Court of Appeal is set aside and the trial judge’s approval of the plan of arrangement is affirmed.

The cross-appeals from the judgments of the Court of Appeal of Quebec (Montréal), Numbers 500-09-018524-082 and 500-09-018526-087, dated May 21, 2008, heard on June 17, 2008, are dismissed with costs throughout.

Reasons to follow.

Allowed, with costs

- Garry J. Wise, Toronto

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