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Gold/Mining/Energy : Avenor (avr-tse) - Repap buyout (rpp-tse)
AVR 4.210-2.3%Nov 5 3:59 PM EST
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To: Randyfb who wrote (126)3/24/1997 8:24:00 PM
From: Pierre J. LeBel   of 290
 
The logic behind the price movements today is not good news for REPAP
shareholders. Basically, the Quebec government via the Caisse de
Depot which it controls has told Avenor to merge with Domtar and REPAP
or forget a deal with REPAP only. The Caisse will vote its shares
of Avenor AGAINST the merger with Repap since Avenor rejected the
three way merger with Domtar. With the vote against the merger with
REPAP almost assured, the street is putting a higher value on Avenor
without the heavy debt associated with the REPAP merger.

As to REPAP, without a merger... who knows!

Hope it makes sense to you.

Pierre.
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