Transport giant Maersk to split its shipping, energy operations
Danish shipping company Maersk Line, owned by the McKinney-Moeller family, is splitting its container shipping and energy operations into two independent entities as part of a historic shake-up.
Rocked by low shipping and oil prices, the Copenhagen-based group said the transport and logistics division will handle its shipping and container business, while the energy spin off will handle oil production and drilling.
The shake-up comes just two months after Robert Maersk Uggla, the third-generation heir to AP Moller-Maersk, took on the role of chief executive of the family’s holding company, in a move that will distance the family from daily operations.
In May, the 112-year-old family business reported a 94.9% drop in profits to $37 million its first quarter, compared to the same period in 2015.
Controlled by the McKinney-Moeller family through a foundation, Maersk traces its roots to 1904 when it was set up by Arnold Peter Moeller. The firm had revenues of $40.3 billion in 2015.
Les Mills International moves headquarters to Chicago
Fitness company Les Mills, a wholly owned subsidiary of Les Mills International, will relocate its US headquarters to Chicago in order to increase operational efficiencies, according to a statement.
Established in Auckland, New Zealand in 1968 by four-time Olympian Les Mills Senior, the eponymous company provides choreographed exercise-to-music group fitness classes distributed to health clubs.
"The decision to relocate the headquarters to Chicago is directly attributed to our strategic shift to become more customer-centric," Les Mills US chief executive Brian Gagne said.
Les Mills US will relocate to 363 W Erie Street in the heart of Chicago's River North neighbourhood. The company believes by consolidating their various offices they can better meet the needs of its 33,000 instructors.
According to the New Zealand Herald, second-gen Phillip Mills owns 62–63% of Les Mills International.
América Móvil eyes acquisition of Brazilian rival Oi
Mexican telecommunications corporation América Móvil, owned by billionaire Carlos Slim, is reportedly interested in acquiring some or all of the operations run by struggling Brazilian rival Oi SA, according to its chief executive Daniel Hajj.
In an interview with Brazilian newspaper Valor Economico, Hajj said América Móvil was eyeing acquisitions whether or not the company is split up during court proceedings.
Brazil’s telecommunication market is struggling: four of its largest operators are battling to maintain profits amid recession while investing large sums in new technology and infrastructure.
Oi filed in June for protection from creditors in a 65.4 billion reais ($20 billion) bankruptcy case, the country's biggest-ever.
América Móvil was founded in 2000 and is the fourth largest mobile network operator in the world. The firm had revenues of $59.3 billion in 2012.