History
Power Corporation of Canada was formed in 1925 by stockbrokers Arthur J. Nesbitt and his partner Peter A. T. Thompson. Nesbitt served as the company's first president. Power Corporation was created as a holding company to manage their substantial investments in public utility companies involved in the electrical power industry in Quebec's Eastern Townships plus in the other Canadian Provinces of Ontario, Manitoba, and British Columbia. In the latter part of 1930s, the company acquired a controlling interest in Bathurst Pulp and Paper Company Ltd. and in 1938, Canadian Oil Companies Ltd., selling the latter to Shell Oil Company in 1962.
In 1952, Arthur J. Nesbitt was succeeded as president by his son Arthur Deane Nesbitt (1910–1978). The family sold most their interest in Power Corporation to the Paul Desmarais group in 1968 and by 1970 no longer had any involvement.
Power Corporation owns 100% of Gesca Ltée, 66.4% of Power Financial Corporation and 7.1% of CITIC Pacific.
While it was originally established as an electric utility holding company, under the control of politically connected Paul Desmarais, Sr., the company became a conglomerate with major interests in publishing and the finance industry. Power Corp is widely described as the power behind the Canadian government and influential elected officials.
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