Desmarais Family’s Power Corp. Looks for More Deals as Cash Piles Up

Shares of Power Corp. of Canada surged to a record after the company posted strong earnings and said it’s on the hunt for more acquisitions.

“The cash position of Power Corp. had quite a material jump over the quarter,” Chief Executive Officer Jeffrey Orr told analysts Thursday. “If there were further opportunities to make acquisitions, that would be capital priority No. 1.” That would include deals to bolster Great-West Lifeco Inc., the firm’s largest holding.