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Rating:Desmarais Unloads Power Stock Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, January 11, 2008

Desmarais Unloads Power Stock

by: Erin Kello

Most Canadians know the name Desmarais, but few Americans do and those in the fund industry had better. Ex-Power Corporation of Canada chairman Paul Desmarais has sold C$242.1 million ($237.5 million) of company stock for "estate planning" purposes, Bloomberg reports. Desmarais, 81, may have caused a small ripple in Power's stock price, shares fell 29 cents on the Toronto Stock Exchange as of 9:48 am this morning. Desmarais' two sons are co-CEOs of Power Corp, owner of Power Financial, whose Great-West Lifeco unit purchased Putnam Investments last year.  

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