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Power Corp. of Canada co-chief executives Paul Desmarais Jr., left, and his brother Andre Desmarais, right, pose with their father Paul Desmarais at the company's annual meeting in Montreal, May 11, 2006.
Power Corp. of Canada co-chief executives Paul Desmarais Jr., left, and his brother Andre Desmarais, right, pose with their father Paul Desmarais at the company's annual meeting in Montreal, May 11, 2006.
(SHAUN BEST/REUTERS)

Desmarais family unloads Power Corp. shares in unusual way

The latest Power Corp. share sale wasn’t the most conventional, but it panned out for the powerful Desmarais family.

Typically when a big shareholder wants to sell a chunk of shares, they call up investment banks and ask for a bought deal. If the banks approve, they immediately buy all of the shares, giving the seller all of their proceeds up front, and the underwriters are then tasked with re-selling the securities to investors.