On May 26, 2004, BCE Inc. sold its controlling interest in BCE Emergis Inc. through the issuance of 65,906,781 Subscription Receipts.  Each Subscription Receipt entitled the holder to acquire one common share of BCE Emergis, upon the unconditional declaration by BCE Emergis of a special cash distribution of $1.45 per common share to its shareholders which condition was satisfied at a special shareholders' meeting held on June 16, 2004.  The Subscription Receipts were sold to a syndicate of underwriters led by National Bank Financial Inc. at a price of $5.40 per Subscription Receipt, for gross proceeds of approximately $356 million.

BCE was represented in-house by Martine Turcotte, Chief Legal Officer, assisted by Mark Hounsell, Ildo Ricciuto and Alain Dussault and by Davies Ward Phillips & Vineberg LLP, with a team that included J-P. Bisnaire, Maryse Bertrand, Peter Hong, K.A. Siobhan Monaghan (tax), Olivier Désilets, Darren Wasylucha, Duncan Osborne (tax), Ivana Gotzeva and Sébastien Roy....