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The real estate industry has been hit hard in the 1990s Many companies have been struggling to maintain their position in a rapidly decreasing real estate market The largest Canadian based real estate company to experience an accumulation of debts is the once Calgary based Trizec Corporations1 Trizec Corporations is experiencing over 600 million dollars worth of outstanding debts and was near bankruptcy until the Toronto based investment group Horsham Incorporated invested 600 million dollars in return for 43 of the company in 19942 The merge between Trizec Corporations and Horsham Incorporated would benefit both companies and propel these two companies into future European projects Trizec Corporations was established in 1960 in Calgary Alberta Now under the control of Gregory Wilkins Trizec is the countries largest publicly traded real estate group3 Their assets consist of 85 properties world wide including Place Ville Marie in Montreal and the US based Hahn Company4 Horsham Incorporated is led by Peter Munk who owns 10 of the equity and 80 of votes through ownership of multiple voting shares Horsham Incorporated has assets including Clark Refining and Marketing Incorporated 20 of American Barrick and real estate in Berlin5 The proposal in 1994 had Horsham paying 500 million dollars to receive a portion of the debt that is convertible to common shares and then another 100 million dollars for additional equity The deal put a total value of 12 billion dollars into debt and outstanding equity in Trizec6 Horsham now owns 48 of Trizec and is trying to acquire 52 which was recently approved by the boards of both companies The new company consisting of these two groups will be renamed Trizec Hahn Corporation7 Both companies feel that the
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