Canadian telecoms services firm, BCE, is to spin off most of its 39 per cent stake in telecoms equipment giant Nortel Networks.
Officials at BCE said this would ensure that the company's other interests emerge from the shadow of their better known sibling. BCE will retain its remaining two per cent stake in Nortel.
Jean Monty, BCE's chief executive, said: "Nortel's stellar performance has overshadowed the underlying value of BCE's other assets.
"In recent months, BCE's stock has been trading significantly below the underlying value of its assets, with an estimated discount exceeding C$30 billion - the equivalent of about $47 per share. This is not being recognised by the financial market."
BCE's other interests include Bell Canada, Bell Emergis and Bell Nexxia. The company supplies telecoms and wireless communication services and equipment, and publishes telephone directories.
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