March 8, 2006 by Joseph Krohn
Hudson’s Bay Company was incorporated in 1670 – Following the successful expedition of the Nonsuch, King Charles II of England signed the charter granting the “Company of Adventurers” (Hudson’s Bay Company) exclusive trading rights to almost 40 per cent of the lands in Canada, plus parts of the United States.
Now HBC has been bought out by an American company called Maple Leaf Heritage Investment Acquisition Corp., owned by Jerry Zucker. He won the battle for the bay after paying $15.25 a share, or just over $1 billion dollars Canadian.
The humerous thing about this take over is that now the HBC is reporting $175 million dollar loss! Should an American own Canada’s oldest independent corporation? I wonder what Prince Rupert would have thought about his company leaving his family line after so many years of unbroken control by the Kenneth Tompson family?
Long live the HBC and long live the beaver!