New Construction Giant

On November 16, 1999, Armbro Enterprises Inc. announced a cash offer for all the shares of BFC Construction Corporation. The transaction has a value of approximatley $110 million. If the bid is successful, the Armbro-BFC combination will result in the largest publicly traded construction company in Canada. Financing will be provided by Hochtief AG of Essen, Germany, one of the world’s largest construction companies, which will become a significant shareholder in the new company. Fraser Milner’s Toronto office, lead by Chris Turney, Ross Walker and Axel Kindbom on the corporate finance side, Tracey Patel on competition/Investment Canada issues and Patrick Boyle on tax matters are representing Hochtief. Graham Gow, Robert Richardson, Jasprit Gill and Michael Valihorn of McCarthy Tetrault are on for BFC. Borden Elliot ( Paul Mingay and Joanne Foot) and Wildeboer Rand (Robert Wildeboer and Robert Wortzman) are co-counsel to Armbro.