Power Corporation of Canada
Power Corporation of Canada [Desmarais et al] was the main thrust in forming the odd & unholy alliance [with many questions still needing answers] , known as The Canada/China Business Council...tragically, Canada's link to Communist China! It is the driving factor in Canada's new economy with more Chinese involvement to come. Sovereignty is at stake obviously with an avalanche of Chinese investment; namely of Resources, Ports, Real Estate, Communications, Finance, Political Influence..the list goes on. Need Canadians be concerned, why of course we should but the media takes a hind seat in the matter, it cant say boo! One has to ask WHY! There needs to be transparency in all this skullduggery. Just look how the NEXEN purchase was handles it was a done deal before the announcement by the Conservative party that it was going to look at the issue before it made a decision. RIGHT! Why should Canada put up with these scoundrels the way they are giving away our nation.They were voted in to take care of our nation not endangering it and personally profiting by it. Even CSIS cant say a word, it was muzzled when they wanted to name names and call the government on their doings, they certainly tried. China comes with big pockets buying their influence amongst greedy politicans and fat corporate slobs..and PCC sits at the centre of it all.
brief history as of the 80's...
[Before Desmarais embarked on the acquisition front, he first completed a divestiture--an enormous sale that, for the first time in his business career, left him without a bus service. In 1981, Power Corporation sold its CSL Group, which included Canada Steamship Lines, an operator of oceangoing vessels and Great Lakes freighters,[ Paul Martin ex PM /also connected to Power Corp, later was offered and bought the line/CSL], and the bus lines Desmarais had acquired during the 1960s. The C$195 million divestiture allowed Power Corporation, according to federal regulations, to acquire 4.4 percent of the voting shares of Canadian Pacific Limited. A massive rail, shipping, oil, and real estate conglomerate. Also in 1981, Power Corporation invested C$20 million in Pargesa Holding S.A., a Swiss corporation that owned a major interest in Banque de Paris et des Pays-Bas. Subsequently, Power Corporation's major financial holdings in Investor Group, Great-West Life, Montreal Trust, and Pargesa were transferred in 1984 to a new subsidiary, Power Financial Corporation, which completed an initial public offering (IPO) of stock in 1985.
With the proceeds raised from selling a portion of Power Financial to the public, combined with the sale of stock of other Power Corporation subsidiaries, Desmarais eliminated all long-term debt. Once the company was free of debt--a condition Desmarais maintained until the end of his leadership tenure--Power Corporation pursued strategic expansion. In 1986, the company acquired the Quebec and Ontario radio and television stations belonging to Ketenac Holdings Ltd. and Prades Inc., which were later consolidated into a new wholly owned subsidiary, Power Broadcasting. Concurrently, the company, through its Consolidated-Bathurst subsidiary, formed a joint venture with China International Trust and Investment Corporation (CITIC), the international investment arm of the People's Republic of China. Initially, the joint venture constituted the acquisition of a pulp mill in Castlegar, British Columbia, marking the beginning of an enduring business relationship with the Chinese government.
The 1980s ended with the sale of one of Power Corporation's two principal operating companies. Although Desmarais was not looking to sell the company's stake in Consolidated-Bathurst, he could not refuse the unsolicited offer made by Stone Container Acquisition Corporation. In January 1989, Stone Container offered Power Corporation C$25 per share for its interest in the pulp and paper concern, representing one of the largest deals in Canadian business history. Power Corporation received more than C$1 billion from the deal, giving the company the financial means to explore new business opportunities in the 1990s. The company's coffers received another substantial windfall two months after the divestiture of Consolidated-Bathurst. In March, the parent company of Bell Canada offered more than C$500 million for the shares held by Power Financial in Montreal Trust.
Although Power Corporation had a substantial amount of cash to invest as it entered the 1990s, the first half of the decade was bereft of any major transactions equal to the stature of its two 1989 divestitures. By no means, however, did the company retreat from pursuing expansion.[ Further investment opportunities were developed with CITIC, resulting in the formation of Power Pacific Corporation, which opened offices in Hong Kong in 1994 and Beijing in 1998.] In 1996, Compagnie Luxembourgeosie de Telediffusion, which was indirectly controlled by Pargesa, merged with the broadcasting subsidiaries of Germany-based Bertelsmann, creating CLT-UFA, Europe's largest radio and television group. Another notable event was the C$180 million investment made by Power Corporation in Southam Inc., Canada's largest daily newspaper publisher.
In 1996, Desmarais relinquished his posts as Power Corporation's chairman and chief executive officer, ending an era of remarkable growth for the company. During Desmarais's tenure, Power Corporation's corporate assets had increased from C$165 million to C$2.7 billion, as net earnings swelled from C$3 million to more than C$200 million. The difficult task of equaling this record of leadership fell to Desmarais's two sons, Paul Desmarais, Jr., who was named chairman and co-chief executive officer, and Andre Desmarais, president and co-chief executive officer.
The Desmarais brothers did not shy from imprinting their mark on Power Corporation, as they guided the company toward its 75th anniversary and the beginning of the 21st century. Shortly after they inherited control over the company, Paul, Jr., and Andre sold the company's interests in Southam for C$294 million. The following year the company, through Great-West Lifeco, paid C$3 billion for all of London Insurance Group, which controlled London Life Insurance, a Canadian insurance company with the largest sales force in the country. The acquisition made Great-West Lifeco the largest health and insurance company in Canada, employing more than 7,000 financial representatives.
As the 1990s drew to a close, Power Corporation appeared to have made a seamless transition from one generation of management to the next. The Desmarais brothers proved themselves capable leaders during their first five years in charge, and, after selling Power Broadcasting's Canadian radio and television assets in 1999, possessed the financial resources to galvanize their reputations during the 21st century. The company, during its 75th anniversary year, represented one of Canada's elite business enterprises, supported by stable and diverse holdings in North America, Europe, and Asia. As Power Corporation entered the new century, consolidated assets eclipsed C$57 billion and net earnings exceeded C$500 million.
About
Power Corporation of Canada [Desmarais et al] was the main thrust in forming the odd & unholy alliance [with many questions still needing answers] , known as The Canada/China Business Council...tragically, Canada's link to Communist China! It is the driving factor in Canada's new economy with more Chinese involvement to come. Sovereignty is at stake obviously with an avalanche of Chinese investment; namely of Resources, Ports, Real Estate, Communications, Finance, Political Influence..the list goes on. Need Canadians be concerned, why of course we should but the media takes a hind seat in the matter, it cant say boo! One has to ask WHY! There needs to be transparency in all this skullduggery. Just look how the NEXEN purchase was handles it was a done deal before the announcement by the Conservative party that it was going to look at the issue before it made a decision. RIGHT! Why should Canada put up with these scoundrels the way they are giving away our nation.They were voted in to take care of our nation not endangering it and personally profiting by it. Even CSIS cant say a word, it was muzzled when they wanted to name names and call the government on their doings, they certainly tried. China comes with big pockets buying their influence amongst greedy politicans and fat corporate slobs..and PCC sits at the centre of it all.
brief history as of the 80's...
[Before Desmarais embarked on the acquisition front, he first completed a divestiture--an enormous sale that, for the first time in his business career, left him without a bus service. In 1981, Power Corporation sold its CSL Group, which included Canada Steamship Lines, an operator of oceangoing vessels and Great Lakes freighters,[ Paul Martin ex PM /also connected to Power Corp, later was offered and bought the line/CSL], and the bus lines Desmarais had acquired during the 1960s. The C$195 million divestiture allowed Power Corporation, according to federal regulations, to acquire 4.4 percent of the voting shares of Canadian Pacific Limited. A massive rail, shipping, oil, and real estate conglomerate. Also in 1981, Power Corporation invested C$20 million in Pargesa Holding S.A., a Swiss corporation that owned a major interest in Banque de Paris et des Pays-Bas. Subsequently, Power Corporation's major financial holdings in Investor Group, Great-West Life, Montreal Trust, and Pargesa were transferred in 1984 to a new subsidiary, Power Financial Corporation, which completed an initial public offering (IPO) of stock in 1985.
With the proceeds raised from selling a portion of Power Financial to the public, combined with the sale of stock of other Power Corporation subsidiaries, Desmarais eliminated all long-term debt. Once the company was free of debt--a condition Desmarais maintained until the end of his leadership tenure--Power Corporation pursued strategic expansion. In 1986, the company acquired the Quebec and Ontario radio and television stations belonging to Ketenac Holdings Ltd. and Prades Inc., which were later consolidated into a new wholly owned subsidiary, Power Broadcasting. Concurrently, the company, through its Consolidated-Bathurst subsidiary, formed a joint venture with China International Trust and Investment Corporation (CITIC), the international investment arm of the People's Republic of China. Initially, the joint venture constituted the acquisition of a pulp mill in Castlegar, British Columbia, marking the beginning of an enduring business relationship with the Chinese government.
The 1980s ended with the sale of one of Power Corporation's two principal operating companies. Although Desmarais was not looking to sell the company's stake in Consolidated-Bathurst, he could not refuse the unsolicited offer made by Stone Container Acquisition Corporation. In January 1989, Stone Container offered Power Corporation C$25 per share for its interest in the pulp and paper concern, representing one of the largest deals in Canadian business history. Power Corporation received more than C$1 billion from the deal, giving the company the financial means to explore new business opportunities in the 1990s. The company's coffers received another substantial windfall two months after the divestiture of Consolidated-Bathurst. In March, the parent company of Bell Canada offered more than C$500 million for the shares held by Power Financial in Montreal Trust.
Although Power Corporation had a substantial amount of cash to invest as it entered the 1990s, the first half of the decade was bereft of any major transactions equal to the stature of its two 1989 divestitures. By no means, however, did the company retreat from pursuing expansion.[ Further investment opportunities were developed with CITIC, resulting in the formation of Power Pacific Corporation, which opened offices in Hong Kong in 1994 and Beijing in 1998.] In 1996, Compagnie Luxembourgeosie de Telediffusion, which was indirectly controlled by Pargesa, merged with the broadcasting subsidiaries of Germany-based Bertelsmann, creating CLT-UFA, Europe's largest radio and television group. Another notable event was the C$180 million investment made by Power Corporation in Southam Inc., Canada's largest daily newspaper publisher.
In 1996, Desmarais relinquished his posts as Power Corporation's chairman and chief executive officer, ending an era of remarkable growth for the company. During Desmarais's tenure, Power Corporation's corporate assets had increased from C$165 million to C$2.7 billion, as net earnings swelled from C$3 million to more than C$200 million. The difficult task of equaling this record of leadership fell to Desmarais's two sons, Paul Desmarais, Jr., who was named chairman and co-chief executive officer, and Andre Desmarais, president and co-chief executive officer.
The Desmarais brothers did not shy from imprinting their mark on Power Corporation, as they guided the company toward its 75th anniversary and the beginning of the 21st century. Shortly after they inherited control over the company, Paul, Jr., and Andre sold the company's interests in Southam for C$294 million. The following year the company, through Great-West Lifeco, paid C$3 billion for all of London Insurance Group, which controlled London Life Insurance, a Canadian insurance company with the largest sales force in the country. The acquisition made Great-West Lifeco the largest health and insurance company in Canada, employing more than 7,000 financial representatives.
As the 1990s drew to a close, Power Corporation appeared to have made a seamless transition from one generation of management to the next. The Desmarais brothers proved themselves capable leaders during their first five years in charge, and, after selling Power Broadcasting's Canadian radio and television assets in 1999, possessed the financial resources to galvanize their reputations during the 21st century. The company, during its 75th anniversary year, represented one of Canada's elite business enterprises, supported by stable and diverse holdings in North America, Europe, and Asia. As Power Corporation entered the new century, consolidated assets eclipsed C$57 billion and net earnings exceeded C$500 million.
Principal Subsidiaries
Gesca
Ltée; Power Broadcasting Inc.; CITIC Pacific Ltd.; Power Financial
Corporation (67.4%); Power Financial Europe B.V. (The Netherlands);
Pargesa Holding S.A. (Switzerland); Great-West Lifeco Inc. (76.6%);
Great-West Life Assurance Company; Great-West Life & Annuity
Insurance; Investors Group Inc. (67.7%); London Insurance Group Inc.;
London Life Insurance Company.]About
No comments:
Post a Comment
Comments always welcome!