TORONTO — A source close to the auction process revealed that no competing bids have surfaced for Hudson's Bay Company's historic royal charter, leading the Thomson and Weston families to proceed with a purchase for $18 million. This significant document, signed by King Charles II in 1670, is one of Canada’s oldest artifacts, predating the country's official formation and establishing Hudson's Bay as a fur-trading monopoly, controlling one-third of modern Canada and influencing Indigenous relations for centuries.
The charter has been in need of a new custodian since Hudson's Bay Company (HBC) filed for creditor protection in March 2025. The company began liquidating its assets, including 4,400 pieces of artwork and artifacts, in an effort to recover a portion of the $1 billion owed to creditors. The families behind the DKRT Family Corp. and Wittington Investments Ltd. were positioned to submit a joint bid of $18 million during an auction scheduled for Wednesday.
Interested parties were required to express their intention to HBC's financial adviser, Reflect Advisors, by the previous Friday and agree to donate the charter to a public Canadian institution. With no other bidders stepping forward, the Thomsons and Westons, who rank among Canada's wealthiest families, are likely to be deemed the successful bidders. However, the sale still requires approval from the court.
Lawyers for both families and a spokesperson for HBC have not yet responded to requests for comments. The families have expressed their intention to donate the charter to four major Canadian institutions: the Archives of Manitoba, the Manitoba Museum, the Canadian Museum of History, and the Royal Ontario Museum. They wish for the charter to be displayed first in Winnipeg, where Hudson's Bay was initially headquartered after relocating from England to Toronto.
The Thomson family is widely recognized for their significant media holdings, including their connection to Thomson Reuters Corp., while the Weston family is well-known for their association with Loblaw Cos. Ltd., a large grocery chain. Earlier this year, both families attempted individual bids for the charter, but they later decided to collaborate on a combined offer. In addition to donating the charter, they pledged $5 million to support its conservation, educational outreach, and public tours. The Desmarais family and Power Corp. of Canada, along with the Hennick Family Foundation, have also committed supplementary support for these initiatives.
If the Ontario Superior Court approves the Thomsons and Westons’ bid, this will mark the conclusion of an extended process regarding the charter's future. Initially, HBC intended to auction off the charter, which was prominently displayed at its head office. In July, the Weston family offered $12.5 million for outright purchase, planning to donate it to the Canadian Museum of History and allocate $1 million for its conservation and educational sharing. HBC appeared ready to accept this bid and cancel the auction when David Thomson emerged, asserting that the auction process should continue. He offered a starting bid of $15 million, promising to donate the charter to the Archives of Manitoba along with an additional $2 million for its preservation and touring.
Initially pleased with the opportunity presented by Thomson’s involvement, HBC requested a court adjournment just before a scheduled hearing to grant it approval. The adjournment was labeled as necessary following an unsolicited offer, the details of which were not disclosed at the time. Ultimately, this offer turned out to be from the Thomsons and Westons when they decided to unite their bids, which are set to expire at the end of the year. HBC chose to accept their offer, bringing the bidding process to a courtroom-validated auction phase in the month prior.
