Has Clear Channel cleared the way for BCE? News that the buyers of Clear Channel and banks financing the deal had agreed new terms rather than face off in a Texan court caused shares in Canadian telecoms company BCE to jump 3 per cent.

Since the start of the year, BCE shares have tracked those of media group Clear Channel fairly closely. When doubts first emerged over the commitment of Clear Channel's buyers and their bankers to closing the deal, BCE's shares took a dive. By the end of January, BCE's stock was trading one-fifth below the C$42.75-a-share buy-out offer made last June. With Clear Channel settled, that gap now stands at 8 per cent.