If successful, it will be the biggest takeover in Maclean Hunter Ltd.’s history. The Toronto-based media giant, which has broadcasting, printing and publishing interests, including Maclean’s, is making a $540-million bid for the shares of Selkirk Communications Ltd., which owns radio, television and cable TV stations in Canada and the United States. Torontobased newspaper publisher Southam Inc. has already agreed to sell its 5.6 million nonvoting shares—47 per cent of the total—to Maclean Hunter for $45 per share. Analysts say that Southam may use the proceeds from the sale to make itself less attractive as a takeover target. But Southam still has the right to cancel the sale if a competing offer at a higher price materializes. Investment analysts say that one such possible bidder could be Rogers Communications Inc., which made a $35-a-share offer for Southam’s Selkirk interest last fall.
COHEN MOVES ON
Well-known Toronto tax lawyer and businessman Marshall (Mickey) Cohen, 53, is leaving his post as president of Olympia & York Enterprises Ltd. to assume the title of chief executive officer at Molson Cos., Canada’s second-largest brewery. During the final years of the Trudeau government, Cohen was one of the most powerful deputy ministers in Ottawa and he helped to design the ill-fated National Energy Program.
MAGNA WILL BUILD CARS
Magna International Inc. of Toronto, one of the largest manufacturers of vehicle parts in the world, says that it wants to design and build a complete car. Magna will create a new firm, Vehma International, to produce the vehicles. The new plant might be located in the United States.
Managers at RJR Nabisco Inc. shocked the investment world when they announced that they planned to buy the firm by purchasing all its outstanding shares. If the $20-billion deal is successful, it would be the largest buy-out in history. Despite its size, many analysts say that RJR’s management plans to operate it privately.
TAKING A HOLIDAY ON IBM
IBM Corp., already considered one of the top companies to work for, has jumped to the forefront of firms offering extended personal leaves to its U.S. employees by giving them up to three years off with paid benefits.
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