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It was an eventful weekend for legendary Canadian enterprises, tinged with both sadness and optimism. Nortel Networks Inc. -- once considered the most successful Canadian company ever -- admitted it will never return from bankruptcy protection, and the Montreal Canadiens -- still considered the country's greatest sports team -- secured a new majority owner. Having sought bankruptcy protection in Canada and the U.S., Toronto-based Nortel said late Friday that its shares would be delisted from the Toronto Stock Exchange and it would sell off its remaining bits and pieces rather than trying to resurrect a smaller, more focused company. The phone equipment maker admitted its day is done as it said it was selling its cell-phone infrastructure business to Nokia Siemens Networks BV for $650 million. It was a sad fall from grace for a company that 10 years ago was so dominant that its market capitalization comprised one-third of the value of all companies listed on the TSX. But the company never recovered from the tech crash of 2000, and an admission of accounting irregularities several years ago only compounded its problems. The Canadiens have also seen better days, having won the most recent of their 24 Stanley Cup championships 16 years ago. But the Habs, as they are known, will soon be under new management as the Molson family said Saturday it has reached an agreement in principal to buy a controlling interest from sports businessman George Gillett. There was no price announced on the deal, though ESPN reported it was worth about $550 million. - Peter Moreira
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