Word: canadas
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Dates: during 1980-1989
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Department of Commerce figures show that Canada's direct investment in the U.S. surged from $11.4 billion in 1983 to $16.7 billion in 1985. That total places Canada fourth among foreign investors in the U.S., behind Britain, the Netherlands and Japan. The current value of American companies and other assets in which Canadians hold at least a 10% stake is even more impressive: $105.6 billion. Toronto's Reichmann brothers, for example, now own 8% of all the office space in Manhattan. Last March a subsidiary of Vancouver-based B.C.E. Development bought $1 billion worth of real estate in five...
...money into the U.S. for many of the same reasons that other foreign investors are drawn to the dynamic $4 trillion American economy: high return on capital, low taxes and skilled labor. What is more, the targets in America are tantalizingly close across the 5,526-mile border. Although Canada is larger than the U.S., its economy is smaller than California's, and its population, at 25 million, is roughly the size of the Golden State's. Furthermore, 24% of the relatively small pool of Canadian assets is already owned by foreign investors. Americans alone own 45% of Canada...
Partly because Canada does not have many statutes limiting the concentration of capital, much of its wealth is held by a few fabulously rich families. While most Canadian tycoons are neither required by law nor inclined by nature to disclose the details of their holdings, a new book titled Controlling Interest: Who Owns Canada? by Toronto Star Financial Writer Diane Francis < asserts that just 32 families own more than one-third of the country's nonfinancial assets. Many of those families have built up sizable stakes...
...BELZBERGS. The most aggressive corporate raiders to sweep down from Canada, the Vancouver-based Belzbergs have made profitable runs on the stock of a dozen or so major U.S. corporations during the past few years. In 1984 they teamed up with T. Boone Pickens in an attempt to take over Gulf Oil. The bid failed, but seven months later the Belzbergs sold their $87 million stake in the company for $157 million. Last March the family threatened a takeover of Ashland Oil (1985 sales and revenues: $8.2 billion), collecting a $16 million "green-mail" profit when management bought back...
Edgar's first cousins, Edward and Peter Bronfman, known in Canada as the "poor Bronfmans," have not changed their citizenship, but they have invested in the U.S. By selling half their Seagram stock during the 1960s, Edward and Peter multiplied their assets into controlling interests in more than 100 companies with an estimated total value of more than $30 billion. In the U.S., those holdings include the Maryland-based Rouse Co. (1985 revenues: $247 million) and California's Ernest Hahn real estate...