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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (13833)	4/30/2004 9:06:55 AM
From: John Crovelli	Respond to of 14638

Reuters Canadian bankers trying to spark Nortel bid-paper Friday April 30, 8:59 am ET (In U.S. dollars unless noted) TORONTO, April 30 (Reuters) - Canadian investment bankers are aggressively trying to spark a hostile bid for Nortel Networks Corp. (Toronto:NT.TO - News; NYSE:NT - News) as it copes with a deepening accounting scandal, the Globe and Mail newspaper said on Friday. The paper, citing unnamed sources, said deal makers at several major domestic and international brokerage houses have approached potential suitors such as Finland's Nokia (NOK1V.HE) and France's Alcatel (Paris:CGEP.PA - News) about taking a run at North America's largest maker of telecommunications equipment. Brampton, Ontario-based Nortel fired its three top executives on Wednesday and warned a restatement would halve 2003 earnings, but reduce losses in previous years. The news knocked almost a third off its share price, leaving the company with a market capitalization of about $16 billion. It had about $3.6 billion of cash on March 31 and about $3.9 billion of long-term debt at year end. The Globe and Mail said a takeover of Nortel would most likely be hostile, as its board and newly appointed CEO Bill Owens would almost certainly take the view that the current problems obscure the company's true value. The paper said there is no indication that any company has decided to take a run at Nortel. It tipped Sweden's Ericsson, Motorola Inc. (NYSE:MOT - News) and International Business Machines Corp. (NYSE:IBM - News) as other potential bidders.