BUSINESS

Business Notes

April 22 1991
BUSINESS

Business Notes

April 22 1991

Business Notes

BUSINESS

DE HAVILLAND WINGS ON

Seattle-based Boeing Co. said that it reached a deal to sell de Havilland, the money-losing Canadian aircraft company that it acquired from Ottawa in 1986 in a complex deal worth up to $155 million. Details of Boeing’s agreement with stateowned Aérospatiale SA of France and

Alenia SpA of Italy were not disclosed.

But spokesmen for the Canadian Auto i Workers union, among others, objected to the proposed sale, saying that the Toronto-based manufacturer of the Dash-8 air! plane would become just a parts maker, j Ottawa must still approve the sale.

I JOSEPH BURNETT GOES FREE

After 6V2 years, Canada’s longest and most expensive criminal trial ended with the acquittal of Toronto businessman Joseph Burnett on charges of evading $2.2 million in income taxes. Justice Patrick Hartt ruled that although the case against the 54-year-old millionaire was “extremely compelling,” there was reasonable doubt about his guilt.

MOVING BEYOND QUEBEC

j Laurentian Bank of Canada agreed in principle to buy most of the assets, including 37 branches across Canada, of troubled Standard Trustco Ltd. of Toronto for about $55 million. The deal does not include Standard Trust’s $350 million in bad real estate loans and other debt. It is the first major venture for Montrealbased Laurentian, the country’s seventhlargest bank, outside of Quebec.

A BILLION-DOLLAR BEAUTY

Cincinnati-based Procter & Gamble Co. bought cosmetics giant Revlon Inc.’s Max Factor division and Betrix subsidiary in Germany for $1.3 billion. The purchase will give P&G, which already owns Cover Girl cosmetics, a dominant 30-per-cent share of the $5-billion North American cosmetics market. j

AIR TALKS TAKE OFF

After months of controversy, negotiators from Canada and the United States began talks in Ottawa aimed at updating a 1974 agreement that restricts airlines to specific cross-border routes. One of the major Canadian concerns surrounding the so-calle liions was al-

layed when the chief U.S. negotiator, Charles Angevine, announced that Washington does not intend to press for the right to fly between destinations within

mittee had warned that giving U.S. air1 lines unfettered access to Canada could devas. n dines.