The Ontario Teachers' Pension Plan is looking at teaming up with other investors to take over BCE Inc. for $45 billion.

The pension plan, which is the telephone company's largest shareholder, is in talks with Caisse de Dépôt et Placement du Québec and the Canada Pension Plan Investment Board to increase its offer for BCE Inc.

Reports by the New York Times and the Globe and Mail said the pension plan has enlisted the help of U.S. buyout firm Providence Equity Partners Inc. to look into the buyout.

The equity firm and the Toronto-based pension fund were earlier offering $40 a share, or $32 billion, roughly a $5.6-billion more than BCE's closing market value Monday of $26.4 billion.

The Ontario Teachers' Pension Plan, Canada's third-largest pension fund, had in March denied rumours that it was in talks with Kohlberg Kravis Robers & Co. about a bid for the telephone company. New York-based KKR was also said to be considering a takeover of BCE Inc.

The Globe and Mail report today said the pension plan's talks with Providence have been informal and that no official bid has been made because BCE Inc. has indicated that it is not interested in being taken over.

Shares of BCE Inc. rose $2.37 to $30.60 just before the bell.