QUEBECOR PURCHASES THE PARTICIPATION THAT M.G.N. INVESTMENTS (CANADA) HELD IN QUEBECOR PRINTING INC.
QUEBECOR PURCHASES THE PARTICIPATION THAT M.G.N.
INVESTMENTS (CANADA) HELD IN QUEBECOR PRINTING INC.
MONTREAL, Dec. 27 /PRNewswire/ - Quebecor Inc. announces that it has acquired the participation that M.G.N. Investments (Canada) Inc., a subsidiary of Mirror Group Newspapers plc, held in Quebecor Printing Inc.
This transaction, which was finalized on Dec. 27, for a consideration of Cdn. $110 million, will bring the ownership of Quebecor Inc. in Quebecor Printing Inc. from 74.2 percent to 100 percent.
This transaction reaffirms Quebecor Inc.'s commitment to its subsidiary and the printing sector and resolves the uncertainties created by the recent events surrounding the companies controlled by the family of the late Robert Maxwell.
On a fully diluted basis, the ownership of Quebecor Printing Inc., giving effect to this transaction, will be the following:
Quebecor Inc. 77.72 percent
Caisse de depot
et placement du Qubec 22.28 percent
Total: 100.00 percent
Caisse de depot et placement du Quebec holds a convertible subordinated debenture series 1 in the amount of Cdn. $134.7 milion which, if converted, will give Caisse a 22.28 percent participation in the capital stock of Quebecor Printing Inc.
The class A shares (multiple voting shares) of Quebecor Inc. are listed on the Montreal Exchange, the Toronto Stock Exchange and the American Stock Exchange. The class B subordinate voting shares are listed on the Montreal and Toronto Stock Exchanges.
Quebecor Inc., a continent wide communications company, is active in the publishing sector with 4 dailies, 50 weeklies, 6 monthlies, 11 magazines and numerous specials as well as books. It is also involved in publications and records distribution and retail. With its 56 printing and specialized plants across Canada and the United States, the company is the second largest commercial printer in North America. Through its subsidiary Mircor Inc., its activites also comprise forest products.
/CONTACT: Francois R. Roy, vice president-finance and treasurer, 514-877-9777/
(PQB) CO: Quebecor Inc. ST: Quebec IN: PUB SU: TNM SM -- NY027 -- 5549 12/27/91 17:19 EST