MERRILL LYNCH <MER> IN TALKS ON CANADA PURCHASES
Merrill Lynch and Co Inc is holding
talks on acquiring Canadian brokerage firms, a company
spokesman told Reuters.
    He said one of the firms with which Merrill Lynch is
negotiating is <Burns Fry Corp> of Toronto, which has already
received an offer from Security Pacific Corp's <SPC> 83 pct
owned <Hoare Govett Ltd> London-based brokerage unit.  The
Hoare Govett bid is valued at about 210.4 mln U.S. dlrs.
    The spokesman said the talks are the result of a change in
Ontario securities laws that takes effect June 30.
    Currently, companies outside the Canadian securities
industry are prohibited from owning more than 10 pct of a
Canadian broker.  On June 30, 1987, foreign brokers will be
allowed to own up to 50 pct of Canadian brokers, and the
percentage will rise to 100 pct a year later.
 Reuter
