Paul Desmarais, chairman of Power Corporation of Canada and one of the country's richest men, has died.
The Montreal businessman died Tuesday night at age 86, Power Corporation said in a release.
Canadian Business magazine ranked Desmarais as the seventh richest Canadian, with a net worth of $4.4 billion in 2012.
He was also ranked on Forbes magazine's list of billionaires as the 276 richest man in the world.
He acquired control of Power Corporation in 1968, turning it into an international management and holding company with interests in North America, Europe and Asia.
Desmarais' two sons, Paul Jr. and Andre, now head Power Corporation. Andre is married to the daughter of former prime minister Jean Chretien.
Desmarais is also survived by two daughters, Sophie and Louise.
Former French president Nicolas Sarkozy is also related to the Desmarais family.
A private family funeral is being planned.