Dow Jones Newswires had an October 11, 2006 article (the Wall Street Journal carried) "BCE Eyes Trust Now To Create Parity With Telus >BCE" which suggested the move was a shrewd one by BCE to defend itself against Telus's growing share value (& possibility of a takeover by Telus), as well as forcing the government to accept or reject both conversions. So Sabia mayn't be the least bit upset. BCE wasn't poised to benefit as much as Telus given the higher proportion of wireless and growth Telus offered, so they've spoiled Telus's party. The article included the following insights: "Scotia Capital analyst John Henderson suggested that Telus could use its higher-valued stock to acquire BCE, in a bid to take advantgage of the cost savings that could result by merging the two operations. By taking the trust route, BCE would be in a better position to either stave off a bid from Telus or try to turn the tables and acquire Telus. ... Some have suggested that BCE announced the trust plan now because it wanted the Canadian government to consider its proposal at the same time it looked at Telus, if the government is concerned about the loss of taxes resulting from the growing trend of big companies adopting the trust structure. This way, the government will have to either approve or reject both proposals. "