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News | 10/13/2006 4:00 am EDT

Bell Canada to become income trust
Canada’s largest incumbent telephone company announced on October 11 that it will eliminate the BCE Inc. holding firm and turn Bell Canada into an income trust. In announcing the conversion, Michael Sabia, CEO of BCE, said the move is about focusing on the core communications business of the company and an attempt to "return to our roots and to stay there, to intensify our focus on Bell and to finish the job of repositioning the company as a pure communications business, providing integrated services across the breadth of our platforms to all of our customers." The decision to convert to an income trust is also about minimizing the significant cash tax hit of about $800 million the company would have to take in 2008.

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