2023-08-28 15:41:47
The Desmarais family sold nearly $29 million worth of Power Corporation shares in the past few days.
The transactions were conducted last week by Paul Desmarais Jr., a document filed with regulatory authorities indicates. Mr. Desmarais holds, with his brother André, a majority stake in the family trust that controls the Montreal conglomerate.
This trust now owns 15.35% of Power shares, up from 15.47% previously. The family controls the business through multiple voting shares.
The Desmarais family’s stake in Power Corporation was worth more than $3.7 billion as of Monday morning.
These transactions are the first made by the Desmarais family trust since at least 2003.
Power’s stock has gained about 12% on the stock market since the start of the year. However, its historic peak dates back to 2021.
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