Power Corp: Power Corporation

power corp: R. Jeffrey Orr, the CEO and president of Power Financial, becomes president and CEO of Power Corporation, according to CTV. Pansolo Holding, which is controlled by a Desmarais family trust, will maintain control of Power Corporation following the restructuring. The brothers, who are the sons of Power founder Paul Desmarais Sr., will remain with the organization as chairman Paul Jr. and deputy chairman Andre of Power's board of directors. The holding company plans to buy between five million and six million of the 30 million participating preferred shares of Power Corporation that it is eligible to purchase, which represents about 50.2 per cent of voting shares. Minority shareholders of Power Financial will receive 1.05 Power Corp. subordinate voting shares and a nominal cash amount in exchange for each share of Power Financial they own. The Montreal-based company says the reorganization will simplify its corporate structure and allow it to focus on financial services, as well as create value for its shareholders. (www.immigrantscanada.com). As reported in the news.