TORONTO - David Thomson, a billionaire and owner of Thomson Reuters, is looking to purchase the royal charter that established the Hudson’s Bay Company. His holding company has filed court documents indicating a willingness to pay at least $15 million for the charter, with plans to donate it to the Archives of Manitoba.

The Hudson’s Bay Company previously announced plans to seek court approval next month for a sale of the charter to a holding company owned by the Weston family. The Westons have offered $12.5 million for the charter, intending to donate it to the Canadian Museum of History.

An affidavit from a director at Thomson’s holding company, DRKT, expressed surprise at the Westons’ offer, stating it is significantly lower than what Thomson and experts anticipated the charter would sell for. The affidavit suggests that instead of proceeding with the sale to the Westons, the offer should be considered a minimum bid in an open auction.

If the court agrees to this auction approach, Thomson is prepared to increase his bid beyond the initial $15 million offer. The charter, originally issued by King Charles II in 1670, granted the Hudson’s Bay Company extensive rights over a large portion of Canada and significant authority over trade and Indigenous relations for many years.