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When media magnate Pierre Karl Péladeau announced his run as a star candidate for the Parti Québécois in last spring’s election, he sent a frisson of fear down the spines of federalists, here and in the rest of Canada.

Here was a rich and powerful businessman, known for his ruthlessness and determination, embracing the separatist cause and pledging to make Quebec independence his primary mission. In the moment, his infamous fist pump for sovereignty was widely seen a coup for then PQ leader Pauline Marois.

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Fast forward to this past Sunday in St-Jérôme, where Péladeau officially announced his bid to be the next leader of the PQ. Surrounded by adoring partisans, he articulated the same message with the same zeal.

Well, the break from neverendum politics was nice while it lasted.

Still, federalists have reason to feel a lot less anxious this time around.

Péladeau’s grand entry into last spring’s campaign was indeed a turning point — but not the one his party was hoping for. Every day after Péladeau’s profession of sovereignist faith, Marois was hammered on when or whether she was going to hold a referendum. Caught between the rock of alienating ardent separatists and the hard place of sowing uncertainty, Marois led the PQ to its worst electoral defeat since the 1970s; Péladeau’s win in St-Jérôme was one of the few things the party had to celebrate on April 7. Whoever prevails is the leadership contest will be leading a much weaker PQ.