Telus Backs Away
TORONTO/VANCOUVER - Telus Corp. said Tuesday it will not make an offer for Canadian telecom rival BCE Inc., while one of the buyout consortiums scrutinizing BCE's books confirmed it had submitted a bid.Late on Tuesday, a source in the bidding group led by the Canada Pension Plan (CPP) Investment Board and which includes U.S. private-equity group Kohlberg Kravis Roberts & Co. said the consortium had entered a bid to buy BCE.As well, a spokesman for U.S.-based Cerberus Capital Management said it will also make a bid for BCE, Canada's biggest telecom company.
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