Mergers & acquisitions

BCE Sells Last of Teleglobe

MONTREAL -- BCE Inc. (TSX, NYSE: BCE) today announced that it has transferred all of the issued and outstanding shares in Teleglobe Inc. to 6038441 Canada Inc., a wholly owned subsidiary of Ernst & Young Inc. The shares, being 255,188,014 common shares and 40,000,000 fourth series preferred shares in the capital of Teleglobe, were sold by BCE and certain affiliates for nominal consideration on December 31, 2002. The sale was approved by the Ontario Superior Court of Justice on November 25, 2002. Ernst & Young Inc. is the court appointed Monitor with respect to the proceedings relating to Teleglobe under the "Companies' Creditors Arrangement Act". Teleglobe Bell Canada
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