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FBN

August 26, 2016

Lawyers Say Bosch colluded on Volkswagen emission scandal; Nintendo strengthens supply chain with Jesnet acquisition; and Maersk to cut fleet and crew

Lawyers Say Bosch colluded on Volkswagen emission scandal

German family business Bosch, one of Europe’s largest companies by revenues, has been accused of colluding with Volkswagen over the emissions cheating scandal in amended court filings.

Family Business Roundup: News Corp, Goya Foods, and Henkel

August 18, 2016

News Corp bid for Wireless Group finalised; Goya Foods reveals 80th anniversary sponsorship deal; and Henkel shares at record high on emerging market success

News Corp bid for Wireless Group finalised

The bid by Rupert Murdoch’s News Corp to take over Irish new media company Wireless Group has received backing from more than 92% of Wireless shareholders.

According to a joint statement, the cash offer, announced in June and valuing Wireless at £220 million ($289 million), will stay open to remaining shareholders until further notice.

FB Roundup: Cargill, Dalian Wanda, and Hero Motocorp

August 12, 2016

Grain market slump affects Cargill’s operating profit; Chinese richest man may gain support for Wanda delisting; and Hero MotoCorp reappoints Pawan Munjal as CEO

Grain market slump affects Cargill’s operating profit

Family-controlled Cargill, the world's largest agricultural commodities trader, has revealed its weakest operating profit in four years following a slump in grain markets.

The US-based family business earned $1.64 billion in the year ending 31 May, down 15% from the year before.

FB Roundup: AB InBev, Volkswagen and Viacom

August 5, 2016

AB InBev clears China hurdle in SABMiller takeover deal; South Korea bans almost all VW cars over emission scandal; and Viacom Q3 results strengthen Redstone case

AB InBev clears China hurdle in SABMiller takeover deal

Family-controlled brewer AB InBev, which produces brands such as Stella Artois, Budweiser and Corona, cleared a major hurdle towards its takeover of SABMiller this week after receiving regulatory approval from China.

FB Roundup: JAB Holdings, Volkswagen, and Todd Corporation

July 29, 2016

JAB Holdings completes $1.3 billion acquisition of Krispy Kreme; Volkswagen stock price crashes after Q2 results; and Todd Corporation given nod to sell gold mine stake

JAB Holdings completes $1.3 billion acquisition of Krispy Kreme

JAB Holding, the investment vehicle of the Reimann family, has completed its $1.3 billion acquisition of US-based doughnut and coffee company Krispy Kreme.

In a two-paragraph statement, the two companies confirmed the completion of the sale this week, and added that Krispy Kreme will become a privately held company.

Family Business Roundup: Swatch, Dassault, and Maersk

July 22, 2016

Swatch first-half profit declines to lowest level in nearly a decade; Dassault Aviation profit down, deliveries cancelled; and Maersk signs five-year carbon reduction scheme

Swatch first-half profit declines to lowest level in nearly a decade

Swiss watchmaker Swatch, owned by the Hayek family, reported its lowest first-half profit in seven years amid a challenging time for luxury goods.

According to a company statement, first-half operating profit declined 54% to CHF353 million ($359 million) but said it expects “clear growth” in the second half of the year. Swatch said July 15 that revenue fell about 12%.

FB Roundup: Michael Dell, LafargeHolcim and Hong Leong group

July 15, 2016

Michael Dell part of buy-out consortium for family-owned UFC; Cement titan LafargeHolcim sells Indian unit to family conglomerate; Malaysian next gen to take on bigger role in Hong Leong group

Michael Dell part of buy-out consortium for family-owned UFC

The family investment office of Michael Dell, founder of the eponymous computer company, has invested in the $4 billion buy-out of the Ultimate Fighting Championship (UFC). 

MSD Capital acquired preferred stock in UFC as part of the purchase of the popular professional mixed martial arts organisation by the US talent agency WME-IMG. 

FB Roundup: Lotte, Dassault, and News Corp

July 8, 2016

Lotte founder’s daughter arrested; Serge Dassault on trial for tax fraud; and Gretchen Carlson files sexual harassment suit against Fox News

Lotte founder’s daughter arrested

Shin Young-ja, the chairwoman of the Lotte Scholarship Foundation, has been arrested over allegations she received bribes as prosecutors step up an investigation into the country’s fifth-largest business chaebol.

The 74-year-old daughter of Lotte founder Shin Kyuk-ho is accused of accepting bribes from the former chief of cosmetics brand Nature Republic in exchange for store space in Lotte’s duty-free outlets.

FB Roundup: Lotte, Henkel, and VW

July 1, 2016

Lotte second-gen summoned to prosecutors’ office; Henkel buys Sun Products for €3.2 billion; and Volkswagen to pay $14.7 billion settlement

Lotte second-gen summoned to prosecutors’ office

Shin Young-ja, the chairwoman of the Lotte Scholarship Foundation, appeared at the Seoul Central Prosecutors’ Office today over allegations that she received bribes.

The 74-year-old is accused of accepting bribes from the former chief of cosmetics brand Nature Republic in exchange for store space in Lotte’s duty-free outlets.

FB Roundup: Bertelsmann, Maersk, and Tata Steel

June 24, 2016

Bertelsmann commits to UK after Brexit; Maersk appoint new CEO, may break up company; and Brexit scuppers Tata Steel's efforts to maintain operations in the UK

Bertelsmann commits to UK after Brexit

German media group Bertelsmann says it will remain committed to all its investments in the UK and acknowledges “with regret” the British electorate’s decision to leave the European Union, according to a company statement.

The Gütersloh-headquartered firm, controlled by the Mohn family, said Britain’s exit from the EU raises political and economic uncertainties for the firm, but added that its fourth-largest market would remain very important.