Bear Stearns acquires interest in Tembec Inc.

    TORONTO, March 10 /CNW/ - Bear, Stearns & Co. Inc. ("Bear Stearns")
announced today that as a result of the recently completed recapitalization
transaction of Tembec Inc., and certain market purchases, it has acquired
ownership of 15,035,913 common shares of Tembec representing 15.04% of the
issued and outstanding common shares of Tembec Inc. and 259,790 warrants of
Tembec Inc. While the warrants are not currently convertible, if the warrants
were convertible and only Bear Stearns converted its warrants, Bear Stearns
would own 15.26% of the issued and outstanding common shares. Bear Stearns has
acquired the securities for investment purposes in the ordinary course of its
business. Bear Stearns may in the future acquire additional securities,
dispose of all or part of its securities, or continue to hold all or part of
the securities in the ordinary course of its business.
    A copy of the report filed by Bear Stearns under securities legislation
in respect of the acquisition is available at

For further information:

For further information: Laura Torrado, (212) 272-2000

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