The Desmarais family has sold nearly $29 million worth of Power Corporation stock in recent days.
The transactions were conducted by Paul Desmarais Jr. last week, according to a document filed with regulators. Mr. Desmarais, along with his brother André, holds a majority stake in the family trust that controls the Montreal conglomerate.
That trust now owns 15.35% of Power’s stock, down from 15.47% previously. The family controls the company through several voting shares.
The Desmarais family’s stake in Power Corporation was worth more than $3.7 billion as of Monday morning.
These transactions are the first the Desmarais Family Trust has conducted since at least 2003.
Power stock is up about 12% year-to-date in the stock market. However, the historical peak dates back to 2021.