Power Corp. looking outside Canada for deals

TORONTO — Power Corp. of Canada co-CEO Paul Desmarais says there is little scope for “big, dramatic” acquisitions in the Canadian marketplace.

Desmarais says Power Corp. reshaped the Canadian insurance and mutual fund industries in recent decades by acquiring companies such as Mackenzie Investments, Canada Life and London Life through its subsidiary, Power Financial.

“There’s just not a lot to reshape in Canada,” Desmarais said when asked about the company’s growth aspirations following its annual shareholder meeting in Toronto Friday.

“There’s a few companies left but not a lot.”

Desmarais also echoed comments made Thursday by Power Financial Corp. CEO Jeffrey Orr, who said the U.S. is one of the markets where the company is looking for growth through acquisitions. But Desmarais suggested these deals might be smaller ones that supplement existing businesses.

“There we would look for what I call ‘bolt-ons,’” he said.

Power Corp. also reported a $258-million profit for this year’s first quarter. That’s equal to 56 cents per share (TSX:POW) and up from just $48 million or 10 cents per share a year ago.

The company said its quarterly dividend will increase seven per cent to 35.85 cents per share with the June 30 payout.

Total revenue was $13.78 billion, up $497 million or 3.7 per cent from last year.

Based in Montreal, Power Corp. is an international management and holding company with interests in a variety of sectors including financial services, renewable energy and communications.

Just Posted

Accused murderer’s story questioned

Jason Klaus spends day being cross-examined by lawyer for co-accused Joshua Frank

Red Deer Royals extend fundraising deadline for St. Joseph fieldhouse project

Fundraising chair says it’s a tough slog raising money in this economy

Red Deer seeks public input on coming changes to sign bylaw

A half-kilometre buffer zone could separate billboards in Red Deer under proposed… Continue reading

Innisfail man injured in home invasion

Police say the injury was non life-threatening

Credentials questioned man at Remembrance Day services

Veterans are crying foul after an alleged faker posed as a former… Continue reading

VIDEO: Red Deerians taste what the city has to offer

Red Deerians sampled some of the finest foods Central Alberta restaurants have… Continue reading

Volunteer with victim services in Red Deer

Learn more at info session on Nov. 27

Updated: Missing Sylvan Lake women found

Women were reported missing earlier this week

Liberals propose billions for affordable housing, including individual benefits

A Liberal government fond of promising help for those working hard to… Continue reading

Alberta Party sees growth in Central Alberta

Greg Clark addressed health care needs addressed in Red Deer

Ponoka council freezes Ponoka Fire Department spending

All discretionary spending frozen until full budget numbers are presented

WATCH: Ponoka’s Festival of Trees sees continued support

Three days of celebration and fundraising held at the Calnash Ag Event Centre

Creationist will speak at home-schooling convention in Red Deer

Ken Ham has debated Bill Nye on the Earth’s origins

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month