NEW YORK (Reuters) - Telus Corp. is expected to abandon efforts to buy rival BCE Inc. in part because it could not get guidance from regulators about which assets it would have had to sell for a deal to be approved, the Globe and Mail reported on its Web site on Friday.
Telus pulled out of the auction for BCE in June but had been expected to come up with a better offer, the paper reported.
BCE, which is Canada's largest telecommunications group, has accepted an offer worth C$34.8 billion from a group including the Ontario Teachers Pension Plan.
Since pulling out of bidding, Telus had been lobbying regulators and meeting the Canadian Competition Bureau, hoping to get some guidance before BCE held its shareholder vote, the paper reported, citing unnamed sources.
It was told recently that the guidance would not be forthcoming, the paper said.
The shareholder vote could happen as early as mid-September, the paper reported.
Telus could not be reached immediately for comment.
Telus pulled out of the auction for BCE in June but had been expected to come up with a better offer, the paper reported.
BCE, which is Canada's largest telecommunications group, has accepted an offer worth C$34.8 billion from a group including the Ontario Teachers Pension Plan.
Since pulling out of bidding, Telus had been lobbying regulators and meeting the Canadian Competition Bureau, hoping to get some guidance before BCE held its shareholder vote, the paper reported, citing unnamed sources.
It was told recently that the guidance would not be forthcoming, the paper said.
The shareholder vote could happen as early as mid-September, the paper reported.
Telus could not be reached immediately for comment.
You would think that in order for regulators to approve a Telus purchase of BCE, Telus would have to divest itself of it's telephone and DSL broadband businesses first.
Seriously though, it's unfortunate that Telus has been unable to take a crack at getting themselves set up with an established broadcast provider. Left to their own devices, all they've come up with is Telus TV, and look how well that has taken off!
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