November 14, 2016
Engagement of Morgan Stanley
September 12, 2016
Engagement of Credit Suisse
The Corporation was established in 1982 under the Canada Business Corporations Act, to manage investments assigned to it and to privatize its holdings when appropriate.
In November 2007, the Minister informed CDEV that "going forward, the operations of the CDEV should reflect a future focused on the ongoing management of its current holdings in a commercial manner, providing assistance to the government in new directions suited to CDEV's capabilities, while maintaining the capacity to divest CDEV's existing holdings, and any other government interests assigned to it for divestiture, upon the direction of the Minister of Finance".
CDEV is a holding company that presently holds the following wholly owned subsidiaries for which it has responsibility: Canada Hibernia Holding Corporation, which owns and manages an 8.5% interest in the Hibernia oilfield; Canada GEN Investment Corporation, which owned the business interests of the Crown in General Motors; and Canada Eldor Inc., which has no operations, but has responsibility for servicing liabilities, chiefly arising from an agreement of purchase and sale with Cameco Inc. entered into in 1988.
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