Henry Kravis Tuesday stepped away from any questions about Kohlberg Kravis
Roberts & Co.’s bid for Canadian telecom giant BCE Inc., except to remind
his audience that KKR would be at most a minority partner in any buyout.
In a keynote address to the Canadian Venture Capital Association annual
meeting in Halifax, Nova Scotia, Kravis declined to say much about his
company’s bid for Montreal-based BCE, which it is making through a consortium
that includes Canada Pension Plan Investment Board and Montreal-based pension
fund Caisse de Dépôt et Placement du Québec.
Canadian laws restrict the foreign ownership of a telecom to 46%, barring KKR
from leading the buyout.
"If we’re lucky enough to be successful, we will be working with a few
terrific Canadian companies, and we’ll be a minority investor," he told the
audience of about 450 people.
The comments came as Canadians are voicing more concern about the takeover of
Canadian companies by foreign buyers. —Peter Moreira
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