Dec. 18, 2006: Media Circle - BCE & More

There is more information which will be posted as soon as possible.

Via Google Finance - and - Castanet.net

A list of related articles is below.


Loral, fund to buy Telesat from BCE for $3.25-billion -- "Public Sector Pension Investment Board (PSPIB) and Loral Space and Communications Inc.," -- "still needs regulatory approval" , Andrew Willis With an update from reporter Tavia Grant.

www.theglobeandmail.com/servlet/story/
RTGAM.20061218.wrtelesat18/BNStory/Business/home

BCE Inc. will sell satellite operator Telesat Holdings Inc. ... will create an Ottawa-based company that's the world's fourth-largest player in space.

... Public Sector Pension Investment Board (PSPIB) and Loral Space and Communications Inc., .... still needs regulatory approval

.... will have 11 satellites in orbit and ....

PSP Investments and other Canadian investors will hold majority voting control of the new company, with a 64-per-cent interest. Loral will hold 36 per cent ....

Digression:

See below for "other Canadian investors" ... What does "foreign ownership" mean in an era of dual citizenship, divided loyalties, and the like?

* What is the definition of "Canadian" and
* does it include someone who comes to Canada--legally or illegally--
* through normal channels or via business investor class or other special programs (programs that may have been conceived in folly -- Remember ex-Min. Sgro's program of stripper entry facilitation? Or was that ex-Min Volpe's?),
* through immigration or refugee entry (which facilitates liars and cheats sometimes, perhaps often and bypasses the regular refugee lineup),
* takes out Canadian citizenship,
* then returns from whence he/she came,
* but retains that magical "Canadian citizenship" with its Canadian passport so useful for various purposes ... perhaps business?

What does Canadian mean when a company is complicated in structure and global with ties to foreign interests which may or may not be beneficial to Canadians? What if its headquarters or major interests are or could be in Switzerland, Barbados, Hong Kong, China or ... someplace not now considered as relevant?

[....] take Telesat public.

[To return to what I noted in the Globe and Mail article]

... a global player ....

Dan Goldberg, president and chief executive officer of Telesat,

... create a leading global satellite services operator capable of offering broadcasters, carriers, corporate users and government entities state-of-the-art, secure and reliable satellite facilities and services ....

... foreign ownership ....

The Canadian pension fund invests for federal civil servants, the military and the Royal Canadian Mounted Police, ... emerged from creditor protection in 2005.

[....] U.S. and Europe ... volume of leveraged buyouts ....

The other contenders were said to be Ontario Teachers Pension Plan and Providence Equity Partners Inc. Also in the running were Onex Corp. and Blackstone Group. [Sumner Redstone]

Digression:

Redstone, Sumner / Sumner Redford -- "American media executive whose company, Viacom, acquired leading film, television, and entertainment properties"

[....] The trick is build a group that fits the foreign ownership restrictions,” ...

... analyst Dvai Ghose at Genuity Capital Markets.

Telesat's customers ... as well as governments.

... nine times their forecast EBITDA

[....] complicate BCE's already convoluted structure

[....] no longer a core business ...

... Daniel Goldberg, a 15-year-veteran of the satellite industry ... CEO of satellite operator New Skies, the Harvard law school graduate ....

Investment banks Citigroup Inc., Goldman Sachs Group Inc. and RBC Dominion Securities Inc. worked on the sale.

Search: Viacom , Vivendi [Check "separate ownership" ... ]

There is a post on media ownership which leads to much more information, including Viacom and Vivendi.


Bloomberg: BCE, ED Smith, Income Trusts, Imax: Canadian Equity Preview

Canada.com: BCE sells Telesat for $3.4 billion

TechFinance: BCE Abandons Telesat's IPO and Opts for Outright Sale

Bloomberg: Loral, Fund to Buy BCE's Telesat for C$3.25 Billion (Update1)

Bloomberg: Canadian Stocks Gain on BCE Sale; Financial Shares Advance