By 1988 it had diverse assets worth over $500 million and controlled assets of over $1 billion when Ondaatje sold it to Hees International in 1988 and became vice-chairman of Hees. Pagurian was controlled by Hees Bancorp's Jack Cockwell and the senior Edper group managers. By 1993 ownership in Edper Holdings was 50.1% by Edper Investments and 49.9% by Pagurian Corporation. In 1997, what began as a subsidiary of a subsidiary of Edper's, took over Edper and adopted its former corporate grandparent's name; Pagurian was renamed The Edper Group Ltd.  Edper acquired Toronto-based Brascan Ltd., a widely held holding company with diversified interests in mining, forestry, brewing, and Brazilian-based power and transportation interests, in 1979. The acquisition began quietly in 1978 and soon became a hostile takeover which ultimately resulted in 1979 Carena Bancorp's owning 50.1% of Brascan. In March, 1979 Edper Investments created Edper Equities Ltd. for the purpose of acquiring control or ownership of Brascan, with Edper Investments owning 66% and Patino, N.V. of the Netherlands 34% of Edper Equities. After an initial purchase of approximately 5%, Edper increased its stake to 31% over a two-day period by arranging purchases on the American Stock Exchange, the exchange's largest transaction to date, despite Brascan not being listed there. Edper issued statements stating it was not attempting a takeover of Brascan. As defensive moves, Brascan announced a $1.12 billion bid for F.W. Woolworth Company which Edper strongly and publicly opposed. Brascan received a restraining order in US District Court preventing Edper from acquiring exercising more that 5% of its shares due to alleged violations of the US securities laws. After the restraining order was removed, in June 1979 Edper issued a new bid to raise its ownership. Brascan issued a statement in support and Edper was successful in increasing its ownership to 50.1%. Subsequently, the Ontario Securities Commission amended its rules to prevent takeovers of companies listed on the Toronto Stock Exchange (such as Brascan) being conducted against its rules even in other jurisdictions, such as Edper's undeclared takeover of Brascan on the AMEX. Eventually Brascan merged with Edper and since 2000 has been known as Brookfield Asset Management. In 1982 Noranda Inc. purchased 49.8% of Canada's largest paper producer, Vancouver-based MacMillan Bloedel Ltd., for $623.