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To: Tunica Albuginea who wrote (16658)	1/26/2000 3:44:00 PM
From: zbyslaw owczarczyk	Respond to of 18016

Nortel is halted on NYSE

To: Tunica Albuginea who wrote (16658)	1/26/2000 3:46:00 PM
From: zbyslaw owczarczyk	Read Replies (1) \| Respond to of 18016

It is NT and BCE(Bell Canada?) are halted

To: Tunica Albuginea who wrote (16658)	1/26/2000 3:49:00 PM
From: zbyslaw owczarczyk	Read Replies (1) \| Respond to of 18016

BCE Plans to Spin Off 95% of Nortel Stake, People Say (Update1) (Adds share prices.) Montreal, Jan. 26 (Bloomberg) -- BCE Inc., Canada's No. 1 telecommunications company, will spin off to shareholders about 95 percent of its US$55 billion stake in Nortel Networks Corp., according to people familiar with the company's plans. BCE directors are meeting to approve the proposal and expect to announce the spinoff as early as today, the people said. BCE, the Montreal-based owner of Canada's No. 1 phone and wireless companies, owns 39.2 percent of the 1.37 billion Nortel shares outstanding. Nortel is North America's No. 2 phone-equipment maker after Lucent Technologies Inc. BCE spokesman Jean-Charles Robillard declined to comment. The spinoff is structured so that BCE shareholders won't be liable for capital-gains tax, the people said. The proposal also stipulates that, for a period of time, BCE shareholders can't agree to sell the stock they receive to any company seeking to acquire Nortel. BCE stock rose C$7.45 ($5.18), or 5.5 percent, to C$143.35 in midafternoon Toronto trading. Nortel shares fell C$0.05 to C$146.05. BCE Chief Executive Jean Monty is under pressure from investors to unlock the value of the company's other holdings by spinning off the Nortel stake. BCE's market value lagged the value of its assets by about 25 percent as of yesterday. As recently as October, the difference was more than a third. ''If this discount is not reduced over time by the operational initiatives I have outlined, we will consider changes including the spinoff of Nortel,'' Monty said in October. BCE owns the Bell Canada phone company and the former BCE Mobile Communications Inc. It also holds stakes in CGI Group Inc., BCE Emergis Inc., Bell Canada International Inc., Teleglobe Inc. and Aliant Inc. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min. Access More Information and Services Above