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FB Roundup: Bertelsmann, Maersk, and Tata Steel

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.

“As an international media services and education company, Bertelsmann is committed to preserving a shared European cultural space and common European standards, such as copyright laws,” the statement read.

Fifth-generation Bertelsmann generates revenues of approximately €1.7 billion ($1.9 billion) with 5,500 employees in the UK.

Maersk appoint new CEO, may break up company

Nils S Andersen, chief executive of Danish shipping group AP Moller-Maersk, will step down following the worst ocean-shipping downturn in years, and is considering splitting the company into separate entities.

The 57-year-old chairman named Soren Skou, the head of its container business, as chief executive. 

It comes a week after Robert Maersk Uggla, the third-generation heir to Danish shipping giant AP Moller-Maersk, was appointed chief executive of the family’s holding company, AP Moller Holding.

Copenhagen-based Maersk, owned by the McKinney-Moeller family, last month reported a 94.9% drop in profits to $37 million its first quarter, compared to the same period in 2015.

Maersk is controlled by the McKinney-Moeller family through a foundation and traces its roots to 1904, when it was set up by Arnold Peter Moeller. The firm had revenues of $40.3 billion in 2015. 

Brexit scuppers Tata Steel's efforts to maintain operations in the UK

The likelihood of Tata Steel maintaining its operations in the UK has been scuppered by Britain’s bombshell decision to leave the European Union, according to a person close to the company.

Speaking to the Financial Times, the anonymous individual said the EU is a major market for Tata Steel, UK's biggest steel producer, and will instigate a “recalibration” following the news.

Tata Steel, which has already sold its Scunthorpe steel plant to Greybull Capital, had put its Port Talbot plant and other UK operations for sale in March.

Tata Group had revenues of $108 billion in 2015 and is in the fifth generation.


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