Dominant local market shares through incumbent position in western Canada and eastern Quebec; Good diversification, with continued subscriber and revenue growth in wireless and consumer data businesses; and Strong free cash flows and debt reduction in the past two years. Uncertainty regarding bid for Microcell Telecommunications Inc.; Increased competition from other national operators; and Non-incumbent local exchange carrier business remains cash flow negative. The CreditWatch listing with negative implications on Vancouver, B.C.-based Telus Corp., reflects the uncertainty regarding the company's bid for Microcell Telecommunications Inc. (Microcell). Telus launched a C$1.1 billion cash bid to acquire Microcell in May 2004, and has extended that bid a number of times, with the current bid expiring on Sept. 20, 2004. Microcell is currently
