MONTRÉAL, Dec. 3, 2018 /CNW
Telbec/ - Earlier today, Groupe Bruxelles Lambert (GBL)
announced the passing of Mr. Albert Frère at the age of 92.
Baron Frère was Honorary Chairman and co-controlling shareholder of
GBL and former Vice Chairman of the Board of Directors of Pargesa
Holding SA (Pargesa). He served on the Board of Directors of Power
Corporation of Canada (Power
Corporation) from 1985 to 1995.
The business relationship between Power Corporation and
Compagnie Nationale à Portefeuille, headed by Albert Frère, began
in 1981 when, in alliance with several partners, they acquired
control of Pargesa.
Established in 1990 by the Honorable Paul G. Desmarais, P.C.,
C.C., O.Q. and Albert Frère, the partnership between the Desmarais
and Frère families has transcended the generations. In 2012, the
agreement governing their strategic partnership in Europe was extended to 2029.
The long-lasting friendship between the Frère and Desmarais
families will be one of the hallmarks of Albert Frère's legacy.
Paul Desmarais, Jr., Chairman and
Co-Chief Executive Officer of Power Corporation stated that "for
more than 30 years, we have benefitted from the
professionalism, humanity and business sense of Albert Frère."
André Desmarais, Deputy Chairman, President and Co-Chief
Executive Officer of Power Corporation added, "Albert Frère was
instrumental in the development of GBL and Pargesa and we will be
forever grateful to him for his invaluable contribution to our
group."
The Boards of Directors of Power Corporation, Power Financial
Corporation and the Desmarais family join together to pay tribute
to a great individual and businessman and offer their sincerest
sympathies to the Frère family.
About Power Corporation
Power Corporation of Canada is
a diversified international management and holding company with
interests in companies in the financial services, asset management,
sustainable and renewable energy, and other business sectors in
North America, Europe and Asia. To learn more, visit
www.PowerCorporation.com.
SOURCE Power Corporation of Canada