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FB Roundup: Mars, Maersk, and Hancock Prospecting

Mars brings Maltesers to the US for the first time; Maersk Reaches North Sea tax deal with Denmark; and Australia’s Rinehart children granted permission to sue.

Mars brings Maltesers to the US for the first time

Family-owned confectionery giant Mars is to start selling Maltesers in the United States, marking its first chocolate brand launch in the country in two decades.

Despite being the United Kingdom’s third-largest chocolate brand, Maltesers are not available in the US because of a dispute with Hershey over its name. The two confectionary giants settled out of court in 2015, giving Mars the go-ahead to bring its bite-sized treats to the US.

Mars is the world’s fourth largest Titan—the name given to wholly owned family businesses—with 2015 revenues of $33 billion.

Mars is governed by a board of directors who are members of the Mars family, and who receive independent advice from four external board advisers.

Maersk Reaches North Sea tax deal with Denmark

Danish shipping company Maersk Line, owned by the McKinney-Moeller family, has reached an agreement with the Danish state this week meaning it will pay less tax on its North Sea oil and gas undertakings to 2025.

The deal will allow Maersk to redevelop its Tyra field—the largest gas condensate field in the Danish Sector of the North Sea, which was earmarked for closure if a deal could not be struck.

“We will now issue tenders and progress engineering work towards detailed plans in preparation of a final investment decision by end 2017,” Maersk Oil’s chief operating officer Martin Rune Pedersen said in a statement.

The shipping industry is on course for consolidation as it moves off three-decade lows. Maersk Line had revenues of $35.5 billion in 2016.

Australia’s Rinehart children granted permission to sue

Mining billionaire Gina Rinehart, who became Australia's richest person this year after soaring commodity prices, is to return to court after a judge granted her estranged children the go-ahead to sue over alleged misconduct.

Third-gen Bianca Rinehart claims her 63-year-old mother withheld AUD $500 million ($540 million) of Hancock Prospecting’s dividends and used company money for her private benefit.

Hancock Prospecting's ownership is split between the Hope Margaret Hancock Trust, which owns 24% of the company's ordinary shares, and Gina Rinehart.

Forbes magazine this week estimated her worth as around $15 billion.


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