Quebec Studies

La Caisse De Dépot Et Placement, Et Láffaire Steinberg

Quebec Studies (1994), 19, (1), 99–112.

Abstract

The 1989 takeover of the Québec-based Steinberg retailing empire by a much smaller company, Socanav Inc., was one of the most controversial business episodes in Québec history. Not only did Socanav and its flamboyant President, Michel Gaucher, not have any prior retailing experience, but the company had nowhere near the financial resources to acquire Steinberg. However, Socanav received backing from the Québec government's Caisse de dépôt et placement, the massive fund which administers Québecers' pension contributions. The Steinberg takeover, and the subsequent bankruptcy of the firm, triggered a debate on the role of the Caisse in promoting economic development in the province.

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Author details

Letovsky, Robert