The chairman of Brascan Ltd., the Toronto-based company that recently tried to take over the F.W. Woolworth chain, is resigning next week.
J. H. Moore, who was unsuccessful in fending a takeover bid for Brascan while it in turn was trying to takeover Woolworth, plans to resign following the company's annual meeting.
Moore and three other directors will quit to make room for nominees of Edper Equities Ltd. of Toronto, which holds more than 50 percent of Brascan shares.
Edper and Woolworth both opposed the Brascan plan to take over the U.S. based company.
Brascan has more than $400 million in cash, the proceeds of the sale of a hydroelectric susidiary in Brazil. But is had to borrow another $700 million to finance the planned Woolworth bid.
The bid was dropped after a U.S. court freed Edper from restraints related to its takeover of Brascan. Edper last week bought five million Brascan A shares at $28 to boost its holding to more than 50 percent.
Moore's resignation has been rumored since Edper gained effective control of the company through huge and controversial purchases of Brascan shares on the American Stock Exchange.
Moore will be succeeded as chairman and chief executive officer by Peter Bronfman, a member of the family that controls the gaint Seagram whiskey empire.
Other Edper nominees include his brother, Edward Bronfman, J. Trevor Eyton, Jaime Ortiz-Patino and Jack Cockwell. Following the annual meeting Edper nominees will hold 10 of the 19 seats on the board.