Power Corporation of Canada
Taking advantage of the substantial investment of the Power Corporation of Canada, Desmarais took control of a large stationery, Consolidated Bathurst (built since in Stone-Consolidated, then merged to form Abitibi-Consolidated, Abitibi-Bowater today). Subsequently, CPC has diversified under the leadership of Desmarais. He bought the newspaper La Presse, which enabled him to gain experience in the field of print media in Canada. In addition, he owns about 15% of Groupe Bruxelles Lambert, a Belgian holding company, which in 2001 acquired a 25% interest in the German media company Bertelsmann, whose subsidiaries include BMG and Random House (the German company Bertelsmann bought the 25% back in July 2006). Groupe Bruxelles Lambert owns 3.7% of the French oil conglomerate Total. Then he looked for companies in Europe to extend the influence of PCC, he met the Belgian financier Albert Frère to the Board of Directors of Paribas. The two men have discovered an alter ego, applying the same financial techniques: a friendly takeover of healthy firms experiencing financial hardship, but temporary.
In 1974, Desmarais named employee Paul Martin, Jr. as president of a Power Corporation of Canada subsidiary, Canada Steamship Lines Inc. In 1981, he sold the company to Laurence Pathy and Paul Martin, Jr. The latter became Prime Minister of Canada in December 2003. Paul Desmarais is also the former employer of Pierre Trudeau, Jean Chrétien, Brian Mulroney and Maurice Strong, the "father of the Kyoto Accords, which was sacked for taking part in a fraud of 10 billion USD under the food program in Iraq Oil cons.
He was Canada’s 4th richest man in 2007 and his severe drop in wealth in 2008 reflected a 44 percent plunge of the Power Corporation of Canada's shares, when the company's profits fell 41 percent – its lowest share price since 2002.
PCC is working with the Carlyle Group and the half-brother of Nicolas Sarkozy.
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