Capitalisms Aristocracy

Free Trade Canadian style. Private family fortunes made on taking over state monopolies to become private monopolies. This is the success story of the most powerful capitalist family in Canada and as their company name says the real Power behind Ottawa's political elite. Paul Desmarais Power Corporation is now taking over the French national gas company.

How to spell shrewd? Try Desmarais
Globe and Mail - 21 hours ago
MONTREAL - The French expression rire dans sa barbe -- literally, to laugh in one's beard -- pretty much sums up what the Desmarais family, Canada's most accomplished international deal makers, must be doing this week.

For the Desmarais family, the deal is a beauty. Paul Desmarais Jr., 51, and Gérald Frère, 54, have strived to consolidate their families' joint holdings into a few major investments (Suez, Total SA, Bertelsmann AG), where they can wield real influence. Post-merger, GBL may end up with a smaller equity stake, but more de facto control over a power powerhouse, since the 34 per cent held by France will likely be in GBL's camp, too.

There are a few small shareholders in Suez -- the current incarnation of the company that built the Suez Canal in 1869 -- who will balk. But they can't block a deal.

Before long, Suez might even be doing business on the Desmarais's home turf. Gaz de France is a partner with Montreal-based Gaz Métro and Calgary's Enbridge Inc. in a proposed $660-million LNG (liquefied natural gas) terminal near Quebec City.

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