Imasco, Acquisitions
Likelier to Be in US.
Due to Canada Policy
*8 WAL& STM=r .10~" S1dfJJWP~
MONMAL - imam Ud. SAW it Is
mm Dely to make future acquisitions to
the U.S. than in Camuls after the Caudin
governownt rejected Its application for an
PM from takwer Provisions of the
Famp Investment Review ACL
The Montreal-bas4d tobacco. food and m
tailing concern applied mm than IS rnomb:
ap for an exeroption. Die law proildbits for- I
ap-coritrolled compudes from lopurmt!
Canadian compames unless the takeovers -
are considered to be of "jittafteam benefli"
10 QM.04.
Unasco is slightly less Um 5rAWd by'
E-LT Industries PLC of MUIL Paul Pan.;
linesco's churman and chid executive ca
cer, said tbu MALT is essuz&lly a 'W-
sive investor" m Imasco.
He xotetl that BJLT hasn't been repre.
sested cm Imasco's board for 36 years ad
contended that effective control of the Czaa-
din company rests with its CAndlan board
and stuataternest.
He said that h6owmr mettlap Ian vear
Wm federal Industry Minister Herb Gray
R.LT. proposed 0 assip Its voting rights in
Imasco to the Onadin company's outside
directors onder certain conditions.
The propoitals wen regarded by Mr.
Gray as Ittsofflcient to nempt Iflum from
the law, allbow:b he said to his low to
Lmasco that he woold mww the positloo If
B.LT. was 'U loaW to a position of de
fare cot@..
Mr. ftre Saw tke compaws Miculdes
with tbe Forcip lavesOnM Review Agency
bave hunased stace Mr. Gray became rr I
dostry moduer 03 early M ad it Wes an I
rverap IN days for the company to la rul-
inp as ; Mpg I mg acquitsitions-
"The "ays bave appreciably Increased.
and the demands have been such as to make
prospects at such an acqutfitka nuo-viable."
xr. Part said.
On the other It" there aren't any such
problems MveMg In the US- he swul. -it's
a matta of Walound reVvt t1hat we're = in
3 V I a" position Io VVw " Much In
Canda as to W U@L`
Muck of imascols Voft has to fact been
in W UM hi mm Years. w1wre It ac--
quited Hardee's Burger Syste:rns bw-. a
DamMMz chato baW In ROCIC) Mount.
MC Imam now has TM of Its employm
and M% of its assets In the V.-L
The pveromem has granted exemption$
tram the law to other corr*zmes. such as Al-
cm Alummiurn Ud.. Montreal. but its
sham am Widely held and it tasn't any sm-
gle controlling foreip slmm4older.
-.4
ON
rQ
BAT Industries document for Province of British Columbia 13 April 1999

A pu .ff of smoke?
FM" Mr P. Slierhy
Sir, 'Free puffs' am th* hat
thins one OXPOCU YOUr nRWS-
=ar to indulge in. especially in
course of y:: another doom-
laden article s Ut the tobacco
godustry But this amme "a Im-
been caught with dw on a
bu=ing your finsaft.
Your article. 'Cisarme b&W*
as the marim goes up in smacks'
mnav,my is) is glustratod by
packs of who ert
described as 'Uy. cigwmn-.
There W* benson axMf Isedges.
state Lxpress. Kent. spWW
Stpartsawn? F--"a-r to OW
would have to traval to Mears-
a United
Y.001 and
domestic
Libwk (and
pack).
Comm traliv.
wood. ZrML I VOW.
Then markets, Sir. we a ve":
long way trom the M and I;
amst a"=* that Yo- ---
am & long -way bm a tobwco-
sites Sharp. Oi -wo you afraid
profits? Or would
run to it?
Whatever the rumm dds'
"inly
been
aw corporate brochwee and
turned into a MORMO pwpwti-ag
%r
1.9:no=&
YOUM faithfully. I
F.SHEM,
VIC*4bairmsA.
SAT Industries.
Whadsor Howwe6
so Victoria Street. SWI.
J1131y 29-
C)
E.
CD
_@j
(7%
BAT Industries document for Province of British Columbia 13 April 1999