10/09/2013 02:08 EDT | Updated 01/23/2014 06:58 EST

Timeline of key events in life of Paul Desmarais of Power Corp. fame

MONTREAL - Canadian business tycoon Paul Desmarais Sr. died Tuesday at the age of 86. Here is a timeline of key events in his life:

Jan. 4, 1927: Born in Sudbury, Ont.

1951: Began his successful business journey with the revival of the family's ailing bus company, which he purchased for $1 after abandoning his law studies.

1968: Acquired control of Power Corp.

1978: Led a Canadian trade delegation to China.

July 4, 1978: Awarded the Officer of the Order of Canada.

Dec. 29, 1986: Awarded the Companion of the Order of Canada.

1992: Became a member of the Privy Council of Canada.

1996: Relinquished the reins of management at Power Corp. to his sons Paul Jr. and Andre.

2008: Awarded the French Legion of Honour by then-president Nicolas Sarkozy.

Oct. 8, 2013: Died northeast of Quebec City.