The Gazette from Montreal, Quebec, Canada • 11

tC2 THE GAZETTE, MONTREAL, TUESDAY, APRIL 29, 1 9P7 A ED: BUSINESS Bre-X edges ud on Cambridge bites off property rival permit approval. arkborough takeover is friendly VALERIE LAWTON Canadian Press TORONTO Shares of Bre-X Minerals Ltd. rose slightly yesterday as the exploration firm announced the Indonesian government had granted permits for mining projects involving two related companies. The permits for Bresea Resources and Bro-X Minerals, members of the Bre-X Minerals Group of Companies, were formally signed in Jakarta yesterday, president and chief executive David Walsh said in a statement Investors reacted positively to the news, but one market watcher said it shouldn't be interpreted as a sign Indonesia has decided Bre-X's questionable gold find is for reaL "It doesn't mean anything," said John Kaiser, who publishes the Kaiser Bottom-Fishing Report on speculative min- convertible into Cambridge stock. The transaction, backed by Woodbridge and Markborough, is subject to regulatory approval and the approval of 90 per cent of Markborough's shareholders.

Markborough owns or has a major stake in 20 regional and community shopping centres, including Southcen-tre Mall in Calgary, Richmond Centre in Vancouver, MicMac Mall in Dartmouth, N.S., Fairview Mall in Toronto and Fairview Pointe Claire and Les Ga- This much power seldom comes with the luxury of a 1.9 lease rate. Canadian Press TORONTO Real-estate developer Cambridge Shopping Centres Ltd. will acquire rival Markborough Prop-'erties in a friendly $375-million takeover that will make the company a major mall owner across the country The acquisition of Markborough, 64-! percent owned by Toronto billionaire Thomson through his Wood-abridge Co. will increase Cam-i bridge's assets by 50 per cent to $3.5 bil-Uion, and give the company nearly 38-; million square feet of rentable space, from 27 million. The deal also solidifies Cambridge's "position as a major regional shopping-centre owner and boosts its cash flow and profit potential, the Toronto said in a release.

CAMBRIDGE CHIEF PLEASED "This is an outstanding transaction Cambridge," company president Braithwaite said in a release. "It represents a major thrust in grow- ing our portfolio and increasing our presence in the areas in which we operate. It will add a significant number of top quality properties to our core port-; folio of regional shopping centres in strategically important markets across the country and will enhance the value of Cambridge securities." The offer will consist of $255 million 'in cash and $120 million in securities 4' GM at table as auto strike festers in U.S. The BMW 328i. Now with a 2.8 litre engine and 1.9 lease rate.

Test drive the empowered BMW 328i for the sole pleasure of arriving at 1O0kmh in seven sweet seconds. And please lease the 328i soon. With a purchase deadline of June 30, 1997, the 1.9 lease rate is going just as fast. lion shares traded. An independent consultant's report this week is expected to solve the mystery of why Bre-X partner Freeport McMoRan Copper and Gold has failed to find more than traces of gold in an Indonesian jungle that Bre-X still maintains holds a giant deposit Toronto-based Strathcona Minerals is expected to turn in its interim report at the end of the week.

Bre-X has said it will "promptly" issue a press release after receiving the results. Strathcona drilled its own holes at the Busang property and has sent the samples to three labs for testing. Kaiser said rumours continue to move the share price as investors wait for the audit results. "There's all kinds of speculation that Freeport has screwed up in its assaying and rumours that Strathcona is finding gold in its holes." Visit our web sit at http:vAvw.bmw.ca Ultimate Driving Experience, You Can Eat Buffet days -nights Roast beef Roast pork Roast lea of lamb Smoketf meat Turkey Ham Grills Brochetles Italian dishes Seafood Dessert Zzi i i. U.I liOi ltWrt Lit wv.iJ 'J ing stocks from his California office.

"It would be unfair for the country to penalize another separate company by withholding those (permits)," said Kaiser. "At this point (Bre-X) management isn't accused of any wrongdoing. We don't even know for sure whether there is any wrongdoing atalL" Others, including some investors posting Internet messages on a Bre-X chat site, said it looked like a good sign for the Calgary-based company. "You've got to wonder, if the government really thinks they're sleazy people are they going to be granting them licenses to explore for minerals in Indonesia?" said Norm Duncan, a trader and geologist with CM. Oliver and Co.

in Vancouver. Bre-X shares closed at $3.65, up 40 cents, on the Toronto Stock Exchange. The price reached as high as $4.10 before settling back down. Almost 10 mil 3 The All It-Yfi rt- "mm West Island Automobiles Jalbert Inc. 16710, TransCanada Hwy.

Kirkland 695-6662343-3413 "Lease rates are those offered by BMW Finance! Services onty, and are avatabto on approved crecM. Monthly instalments are $499 99 taxes (24 months) or $439 99 taxes (36 months) tor a 1997 328i model. Examples are based on a down payment or equivalent trade-tn of $5350 taxes on a 24 or 36 month term, wrth optional txiyback. Taxes, transportation, preparation, licensing, registration, and insurance are extra. A security deposit of approximately one month's rental will be required.

A charge of up to 12 cents per krtometre apoites over 18.000 per year. Dealer may lease for tess.Tbts offer apphes to hmrted 1997 32Bi models. Delivery must be taken by June 30th, 1997. This offer may not be combined wth any other offer. Associated Press DETROIT Chrysler engine plant in Kenosha, has joined the list of factories affected by a strike that entered its 12th day yesterday.

General Motors Corp. also was at the negotiating table to resolve a work stoppage at two plants. The Kenosha plant builds four- and six-cylinder Jeep engines. That plant supplies the Grand Cherokee plant in Detroit and the factory that makes Jeep Wranglers and Cherokees in Toledo, Ohio. About 950 of 1,760 employees in Kenosha are not working.

Chrysler's Mound Road engine plant in Detroit was shut down April 9 when 1,800 workers walked out over a company proposal to shift about 300 jobs to an independent supplier. The strike forced Chrysler to shut down five assembly plants and has affected production at 15 parts plants. About 2,000 workers have been laid off at an idled Chrysler Canada plant in Windsor and another 30 at a trim plant near Toronto. The numbers of workers laid off at various Chrysler plants has dropped leries d'Anjou in Montreal The Toronto firm also owns five office buildings. U.S.

MALL-MANAGEMENT ROLE Cambridge, in the real-state business since 1960, owns and manages 45 shopping centres, has an interest in 31 self-storage properties and a stake in managing shopping centres in the U.S. southwest states. Markborough president Henry Cioc-ca said the takeover is "the culmination of a competitive process undertaken by Markborough to realize value for its shareholders." "In a mature industry consolidation is inevitable and essential to provide the critical mass needed for efficient operations, leverage and liquidity," he said. "Markborough, by itself, does not have the capital structure required to implement a growth strategy. This transaction will bring added market strength and further geographic diversity to the Cambridge portfolio." due to various production demands, bringing total workers affected to 22,295, from 23,942 last week, said Chrysler spokesman Dan Moore.

Jack Laskowski, vice-president (Chrysler) of the United Auto Workers, and Chrysler executive vice-president (manufacturing) Dennis Paulay met yesterday, Moore said. There were no immediate developments from the discussion, he said. Two Mexican plants had previously halted all production but one shift resumed work yesterday, Moore said. Fifteen parts plants are slowed down because of the strike. Workers and management were also negotiating yesterday to end the strikes at GM plants in Pontiac and Oklahoma City, officials said.

Neither side would comment as to how long either of the strikes might last James Harbour, president of automotive consultants Harbour and Associates said Chrysler has such a valuable principle at stake in the strike that it won't bend soon. The cost of the strike isn't an issue, according to Harbour. "I don't know that anybody is interested in discussing the cost" managing director of Glen Abbey, the dean course of upscale public golf. Each year, Glen Abbey spends a whopping $1 million on greens keeping, McClellan said. Most upscale courses spend more than $600,000 a year, while the Canadian industry average for greens maintenance is around $325,000, KPMG's Johnston said.

By 2001, golf will rank as Canada's most popular sport, StatsCan predicts, thanks to aging baby-boomers searching for low-impact forms of exercise. The rise of women golfers is also forcing big changes in the golf industry. For instance, Angus Glen holds women's golf clinics every weeknight The course also runs promotions aimed at making women golfers feel less intimidated. According to Mary Kraus, co-founder of the National Women's Golf Network, golf courses have to try to be less intimidating for women because while more new golfers are women, more golfers who give up the game are women, too. From a business standpoint, it makes sense to cultivate that market, Kraus said.

1 And for businesswomen, golf is essential, she said. "More business is done on the golf course than anywhere else. If women don't have the four hours on the golf course to do business, then they are at a competitive disadvantage," Kraus said. Women represent hottest segment of the industry 985 St. John's just north of the 40 Pointe-Claire 630-6436 'Ss- GOLF Continued from Page CI For similar reasons, businesspeople are comfortable taking clients to these courses on an expense account.

Once was the day you needed the cachet of a private club to land those deals. Combining tournaments and expense-account golf, these courses figure 70 to 80 per cent of their revenue comes from corporate golf. The rest from walk-ons. The phenomenal growth in women's golf, particularly by those now using the game as a competitive edge to do business on the links. While men still play 71 per cent of the 53-mil-lion rounds of golf a year in Canada, women are the fastest-growing segment of the business.

Women now represent 52 per cent of all new golfers. These are just a few of the reasons why more and more of these pricey public courses are being built The cost to construct one is typically between $6 million and $10 million, says Steve Johnston, national director of accounting firm KPMG's Golf Industry Practice, a unit devoted to the golf course business. Once a fancy course is constructed, there are upkeep costs. "When someone pays $145 for a round of golf, the course has to be in excellent shape," says Jack McClellan, LUNCH Monday to Fridar 54.95 EVENING KontfaiteTborsi $7 Saturday, Sunday nrnrnun..