Telus Joins BCE Bidding Battle

• By theWHIR.com , June 22, 2007

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June 22, 2007 -- (WEB HOST INDUSTRY REVIEW) -- Telecommunications provider Telus (telus.com) has joined the list of companies courting BCE (bce.ca), in a battle to become Canada's largest telecommuncations company. BCE says entered into a mutual non-disclosure and standstill agreement on a non-exclusive basis with Telus to "explore the possibility of a business combination."

Telus, which is currently the second largest telephone company in Canada, has to date only been speculated as a potential player in the BCE merger. In the event that the two companies – which have a combined market capitalization of more than $50 billion -- merge, they would face limited competition from a small number of rivals.

Federal Industry Minister Maxime Bernier said last week the government acknowledges the controversy circling Canada's mobile market and its lack of competition. Many argue that the country's largest mobile companies --  BCE, Telus and Rogers Communications -- have already become too dominant.

Recent media reports say Telus was unlikely to join the bidding unless it knows for certain that the government would not block a merger of the country's two largest telecommunications companies. Telus joins the growing list of companies bidding for BCE, which includes Canada Pension Plan Investment Board, Ontario Teachers Pension Plan Board and US private equity firm Cerberus Capital Management.

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