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25-486: The chain's advertising slogan is " Si vite, si bon! " ("So quick, so good!") In 1969, in response to Canadian and American competition, a consortium of four Quebec wholesalers merged their activities with the intent to save costs and establish services as a big company. One of these people was Antoine Turmel who would become the first CEO of Provigo. Provigo was founded in 1969 under the Couvrette & Provost name, which

50-495: A tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of

75-526: A matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of the following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of

100-425: A parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes a new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which

125-532: A profitable company, Provigo was purchased by Loblaw Companies Limited , putting an end to decades of the company in the hands of Quebecers . Although Loblaws introduced for the first time in Quebec stores under its namesake, it preserved the Provigo banner as well as the names Maxi, Maxi & Cie, L'Intermarché and AXEP; all of which were divisions of Provigo prior to its acquisition by Loblaws. Beginning in 2008,

150-472: A tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give a parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by

175-466: Is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for

200-458: Is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as

225-447: Is then known as a " wholly owned subsidiary ". Share capital A corporation 's share capital , commonly referred to as capital stock in the United States, is the portion of a corporation's equity that has been derived by the issue of shares in the corporation to a shareholder, usually for cash . Share capital may also denote the number and types of shares that compose a corporation's share structure. In accounting ,

250-603: The Caisse de dépôt et placement du Québec purchased a stake in Provigo and named Pierre Lortie to head the company and ousted Pierre Lessard who would become president of Aetna and, after that, the CEO of Metro Inc , an important competitor of Provigo. For various reasons, Provigo faced financial problems in the 1980s, notably because of its easy target in political agendas. For example, the Caisse de dépôt et placement du Québec offered

275-480: The Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After

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300-632: The financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were the five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958

325-477: The Loblaws stores in Quebec have rebranded as "Provigo Le Marché" or simply as Provigo. The logo for Provigo Le Marché has the familiar "L" logo from Loblaws rather than the longtime "P" signage on traditional Provigo stores. Since November 2015, the "L" has been adopted chainwide and is no longer limited to "Provigo Le Marché" stores, as reflected on Provigo's website and its flyers. In early 2023 Loblaws began

350-769: The Provigo logo style and branding (but not the Provigo name itself, or the "P" logo) were repurposed for the SaveEasy chain in Atlantic Canada . SaveEasy and Provigo remain separate chains. On July 18, 2013, Provigo introduced Provigo Le Marché , a new concept similar to Loblaws's flagship chain and particularly Loblaws CityMarket that was launched in English-speaking Canada the same date as "Provigo Le Marché" in Quebec. The first "Provigo Le Marché" store opened in Sherbrooke , Quebec. Since then,

375-455: The United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of the firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become

400-499: The allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In

425-510: The constituents that make up a company's real share capital: This is differentiated from share capital in the accounting sense, as it presents nominal share capital and does not take the premium value of shares into account, which instead is reported as additional paid-in capital. Legal capital is a concept used in European corporate and foundation law , United Kingdom company law , and various other corporate law jurisdictions to refer to

450-494: The control of the company to Ungesco, a holding company by Bertin Nadeau. Nadeau unsuccessfully attempted to turn Provigo as the center of its financial empire. Also during those years, Provigo was facing ferocious competition from giant Steinberg to maintain its presence in the Quebec grocery industry. After winning the battle in a Pyrrhic style victory, Provigo sought to regain profitability. In 1998, after becoming once again

475-451: The new AXEP banner in early May 1983. Provigo's chain of convenience stores Provi-Soir (est.1974) was not impacted by these rebrandings and retained its name until its merger with Couche-Tard in the late 1990s. Acquisitions of Provigo over the years have included Les Aubaines alimentaires in 1972, Jato in 1975, Dionne in 1977, Dominion and Raymond in 1981, A&P Montréal in 1984 and Steinberg in 1992. After many years of growth,

500-571: The number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed the broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This

525-421: The process of converting 20 Provigo stores into their lower cost Maxi brand. Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form a corporate group . In some jurisdictions around

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550-413: The share capital of a corporation is the nominal value of issued shares (that is, the sum of their par values , sometimes indicated on share certificates). If the allocation price of shares is greater than the par value, as in a rights issue, the shares are said to be sold at a premium (variously called share premium , additional paid-in capital or paid-in capital in excess of par). This equation shows

575-540: The stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay the usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship

600-410: The world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses the term parent holding company . Holding companies can be subsidiaries in

625-551: Was changed to Provigo in 1970. At first, Provigo was only the holding company that used three names for its grocery operations: Provigain , Provibec and Provipop , in addition to other banners outside the "Provi" designation. It wasn't until the year 1980 that the Provigo name itself would become an actual store banner by replacing three of its grocery chains: Provigain, Jato and Aubaines Alimentaires. Its Provipop corner stores were renamed Jovi that year. The Provibec name survived another three years until its 285 stores were given

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