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Power Corporation of Canada

Title: Power Corporation of Canada
Category: Finance
Clicks: 0
Added on: Nov 26, 2011
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Power Corp is a Canada-based company with assets in Europe and North America in a number of sectors and industries, including financial services, pulp and paper, and media. The main competitors of Power Corp are Counsel Corporation, Brookfield Asset Management Inc., and Loews Corporation, among others. The company was established as Power Corporation of Canada by Peter A. T. Thompson and Arthur J. Nesbitt in 1925. Power Corporation was formed as a holding to operate investments in a variety of public utility companies in British Columbia, Ontario, and Quebec. In the 1930s, Power Corp acquired ownership in Canadian Oil Companies Ltd. and Bathurst Pulp and Paper Company Ltd. The former was sold in 1962 to Shell Oil Company. One subsidiary of the company is Gesca Limitée, publishing newspapers in Ontario and Quebec (Le Droit, La Voix de L'Est, La Presse, Le Soleil, and others). The holding Power Financial Corporation has ownership in Parjointco N.V., which is a Dutch holding owned by Power Financial and Agesca Nederland, a holding company controlled by Albert Frère. Parjointco N.V has ownership in Pargesa Holding S.A., based in Geneva, which holds positions in two European companies. In accordance with an agreement from 1990, Frère-Bourgeois/CNP and Power Corp jointly control Pargesa Holding S.A., which holds positions in 6 European companies. Lafarge specializes in building and cement materials, Total focuses on gas and oil, while Imerys specializes in industrial minerals. Other companies in which Pargesa Holding S.A has positions are Suez Environnement (waste and water management), GDF Suez (gas and electricity), and Pernod Ricard (spirits and wines). Power Financial owns the financial holding Great-West Lifeco, which operates in Canada, the United States, Asia, and Europe through its regional, wholly owned subsidiaries. The largest subsidiary of Great-West Lifeco, Great-West Life Assurance Company is a major insurance provider in Canada, with interests in retirement, investment, and savings income, health and life insurance, and reinsurance business. It operates mainly in Europe and Canada, and its subsidiaries are Canada Life and London Life, offering to their clients a diversified portfolio of benefit and financial solutions.
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