MONTREAL, April 10 (UPI) -- Shares of BCE Inc. hit a 52-week high Tuesday on news one of Canada's largest pension funds was in early talks to mount a $45 billion takeover bid.
Such a buyout would be the largest in history.
The parent company of Bell Canada rose $2.34 a share, or about 6.5 percent, to $30.57 before falling back to $29.69 in mid-afternoon trading on the New York Stock Exchange. It rose a similar amount on the Toronto Stock Exchange.
In a U.S. regulatory filing, the Ontario Teachers' Pension Plan, BCE's largest shareholder, said it might be interested in increasing its 5.3 percent equity stake in BCE.
The fund has also reached out to Caisse de Depot et Placement du Quebec, or the Quebec Deposit and Investment Fund, and the Canada Pension Plan Investment Board about pursuing a takeover, The New York Times reported Tuesday.
The teachers fund has also held talks with Rhode Island's Providence Equity Partners Inc. about teaming up on a bid, The Toronto Globe and Mail reported.
The speculation followed a March 29 report New York private-equity firm Kohlberg Kravis Roberts & Co. might be interested in BCE.
