Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 15, 1981, Winnipeg, Manitoba Try a ii Lull cu1 uni at As Compa ties step like flies in the explosion of corporate takeovers of recent a Large group of big tells As not to the business Council on National issues says it is difficult to Point to an actual merger that has taken place which one Leuid was Likely to Over any length of to the meat of the Public in the Council bases statement on View of general considerations of for Jack Mcarthur the benefits of Competition among by the Council is a group of about Iso chief Many of whom hive seen their companies chased by or who have made takeovers in an extensive study of Canadas Law a Law that is now under revision the Council contends that Market forces remain a beneficial even for the larger companies created by takeovers the Council says most mergers of the Type legally permitted today will not be Able to insulate themselves for Long from Market Force in other if they Are not and do not pass some of the benefits on to the few companies Domi Nant in a single Industry could possess harmful Power for some members sceptical youre entitled to be a Little for one the Council does not make this claim for every corporate just v some of the councils own members r Are judging by its admirably quietly worded look at the Law and How it might be the study says frankly that Many including business Council were concerned about one or another aspect of the recent spate of merger and takeover and wondered about whether All that activity was Good for the Canadian econ and also this does not mean that All the recent mergers or successful takeover bids will necessarily prove to have been in the Public in the narrow sense that the Hope for eco nomic improvements will in fact be How should Competition Law be changed to Stop the few bad moves toward business bigness and leave All others alone the Council makes de tailed suggestions for a rewritten and it argues against some other Opi Filori present Law has consid Erable effect and actually stops some combinations that Are not it cant be denied that the probable net effect of most mergers and take overs either is harmless or but that not relevant to the need for Market forces continue to be a Strong antidote when companies get very How quickly does the cure take place is crucial for Competition Market forces prevail takeovers and mergers often add to corporate Market even under the pressure of Market they May allow that Power to be extended Over longer periods than those enjoyed by less influential the Power May be used to the detriment of middlemen or the the Council says Market forces will have their inevitable Good but How Long Are we expected to wait if it 10 or 15 years instead of the Shorter time available to smaller companies that a Good argument for preventing a if International Competition is one of those self correcting Market forces and it certainly is in Canada will business accept that discipline some of the councils own members have been known to cry for Protection against foreign that if the Competition is unfair dumped or for but if its the Tough pressure required to prod giant companies into Thomson newspapers six months ended june 30 million or 88 cents a share million or 68 cents a Revenue million Trimaco six months ended june 30 million or 57 cents a share million or 28 cents a Revenue million the Competition should never be Cut business cant logically Point to Ter National As t policeman for bigness and then ask that the polite Man be fired if times get Whit about conglomerate mergers the business Council partly cops it says its i matter for political decision and Doest lend itself to legislation in Normal Competition Law would that still leaves it up to government to formulate policy on an important business and economic it would by Nice to hear More from the business danger of bigness one concern about conglomerates is that a few big ones could grow to unhealthy Power in the there be a less dynamic variety in attitudes toward the financing of new ventures and management there might be a tendency peculiarly difficult for government to know or control for dozens of co Glomer at linked companies to Deal Only with in their own groups to avoid inde Pendents or members of other groups when buying goods and even if they could get better deals outside the the business Council rates Praise for courage and for Many business voices on this subject have been stridently Nega they omit comment on sensitive matters on which theres disagreement in the they find much to oppose without telling us what the Law should be they Are abominable with Little constructive not the business it covers Competition Law from top to it Doest Deal selectively with issues with which it feels most Comfort in several the Council mentions disagreement within its member ship but makes recommendations any in it recommends Law that differs from its own recognizing the practical need to get the Law that what we need in discussing All too Many people and groups Back away from taking Public stands on prickly they fail in their demo cratic the Council now maybe it will Tell us something about some other major issues in the Toronto Star Manitoba a place to explore if youre into the outdoors like i then you know that Manitoba is Rich in some of the most picturesque and exciting country youll find its a varied landscape of vast rolling Lush unspoiled lakes and streams and magnificent Manitoba Parkland Region is particularly Clear Lake in Riding Mountain National Park has to be seen to be believed its Beauty is the hiking and canoeing s incredible Eike in the View from Baldy Manitoba highest in the Duck Mountain provincial be sure to visit ase Sippi provincial Park where you can let an interpretive Trail be your this is just one of the Many focus waiting to Greet you in Maqi Tobas Parkland Region and youll meet Many More when you discover the natural sights of this great make this your weekend to get out and see a different part of your Home province youve never explored its diverse Beauty will amaze plan a very special adventure at Home this summer in Friendly wins Alf fowls Best option Eyton Toronto up after nearly a year of sparring with management of Noranda mines of for control of the Bra scan of Toronto has reached a Friendly agree ment to Purchase Noranda Treasury shares in a sweetened Deal that gives it a winners share of the Noranda has agreed to sell Mil lion Treasury shares at a share for million in Cash to Bra Scade re sources the holding company owned per cent by con trolled by the family inter and 30 per cent by the Caisse de depot it placement do the Quebec pension Noranda has agreed to Grant Bra scan a limited number of seats on an expanded Noranda Board Bra Scade was recently formed to seek a per cent controlling interest in As Well As other resource development the agreement scuttles earlier plan to offer a share for up to 20 million shares and a share for up to million convertible preferred shares til a trans action valued at with the Noranda Treasury shares sewn Bra Scade has its initial offering Price and plans to Purchase 10 million additional Noranda common shares for Cash and securities with a value of a Noranda share and the million convertible a share in Cash and Securi the new offer raises bras Cades Ante to billion and would give it 3 per cent of Noranda million issued including the Mill lion Treasury if successfully Bra Scade currently holds 28 per cent of As part of the Bra Scade agreed not to buy More than a 50 per cent stake in Noranda and not to hold a majority of seats on its it also agreed that Noranda would continue As a widely held Public Alf chairman and president of said that while the company regrets some loss of directors had considered a series of options and agreed that this one was the Best option for the he said the million Noranda will receive from its Sale of Treasury shares would help the company billion capital spending Bra scan and Noranda initially came to grips in when Bra scan bought million Noranda shares from Labrador mining and exploration of later increased its interest to 16 per cent and announced it would seek a 20 per cent interest to make the single largest Noranda Noranda management quickly countered wit the formation of minor hold Ings financed by the Noranda group of which purchased Noranda Treasury shares in an Effort to dilute Bra scans with about 24 million shares or 21 per cent will see its interest drop to about 19 per cent As a result of the Issue of Treasury shares to Al Montagnon of lab Oraid and Wayne Maxymchak formerly of help wish to announce the marriage of their two companies on August the new Summit Industrial will reside in larger quarters at 608 main Al wish to express their appreciation to their friends and clients for your past mid look Forward to your continued Industrial personnel 9438601 the management staff of Adrian Stevens realty take great pleasure in congratulating Phil Riese on achieving the Highst sales volume in our farming division of our Winnipeg office at 165 marys phils dedication hard work enabled this Phil can be reached at 2378844 24 Phil Riese Oka analysts build your career with an sex Cong growth company the environment an acknowledged Leader in use of state the Art technology ism 3033 ims Iso t International telecommunications network of Over 300 terminals the Challenge a member of a undertake the analysis and programming of major components of a comprehensive business a variety of challenging new computer ments and enhancement projects Are awaiting the candidate training in computer science at the University or College level or equivalent programming experience is required some work familiarity with ism jul Are definite the a Chance to work in an exciting and innovative environment where performance is rewarded by Sprng Titiye extensive benefits and excellent opportunities for career and education if you 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1961 payable on september 1981 to shareholders of record As of the close pm business on september on the outstanding series a common Twenty cents 20t per share payable in Cash on the outstanding series s common Twenty cents per payable in series b common shares having a deemed value of 1 per share for the Pur poses of this by order dont Maurice Sakun Diak Kenneth president of Boss realty 1976 wishes to congratulate Maurice on his outstanding sales record for he is once again the sales Leader for our Kildonan office at 815 Henderson for personal service Call Maurice at 3391927 or Boss realty ;