Rival bid for Canary Wharf Group possible

Brascan Corp. confirmed it and other institutional investors are considering making an offer to buy the remaining shares of Canary Wharf Group, a property development company building a financial district in the Docklands area of London, according to a statement on Brascan's website, www.brascancorp.com. Brascan already owns 53 million shares, or 9%, of Canary Wharf Group, according to Brascan's filing with the SEC. "There can be no certainty that any offer for Canary Wharf will ultimately be made," the statement indicated. A consortium led by Morgan Stanley Real Estate Fund IV International limited partnerships and shareholder Simon Glick, who owns 14% of Canary Wharf, is expected to make an offer as soon as Monday; Brascan would not accept that offer.