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October 9, 2015

Schaeffler finally lists on stock exchange following delays due to VW scandal; Lotte family feud goes to court; Lundin tries to woo investors on merger.

Schaeffler debuts on stock market following delays

Family-owned car parts company Schaeffler saw its shares rise 8% on its market debut on Friday.

The German family business delayed the IPO one week due to the emissions scandal at Volkswagen, which accounts for more than 10% of group sales.

The company had also scaled back the size of the IPO, raising €938 million in the listing where it had initially planned to raise €2.5 billion.

March 30, 2015

Investors have backed the second-generation chief executive of Otsuka Kagu in a feud with her father, who wanted her ousted from the family business.

Investors have backed the second-generation chief executive of Otsuka Kagu in a feud with her father, who wanted her ousted from the family business.

Kumiko Otsuka, 47, succeeded her father to the helm of the Japanese furniture retailer in 2009, and has been attempting to give the company more mass market appeal in order to compete with brands like Ikea.

However, her father, company founder Katsuhisa Otsuka, has accused her of taking the firm down market.

June 25, 2014

US grocery chain Market Basket has chosen not to re-elect second-generation chief executive Arthur T DeMoulas following a longstanding feud over the direction of the family business. 

US grocery chain Market Basket has chosen not to re-elect second-generation chief executive Arthur T DeMoulas following a longstanding feud over the direction of the family business. 

In a statement, the board, chaired by DeMoulas’s cousin and rival Arthur S Demoulas, said the 58-year-old would “not retain any management responsibilities moving forward”.

Market Basket, founded initially as a small grocery store in 1917, has annual revenues of more than $4 billion (€2.9 billion) and employs 21,000.

March 27, 2014

The nature of the Internet means online insults traded between two family business next gens, Aga Bakrie and Nat Rothschild, could resurface in Google searches and due diligence for years to come, even after the media storm surrounding it has died down, say family business experts.

The nature of the Internet means online insults traded between two family business next gens, Aga Bakrie and Nat Rothschild, could resurface in Google searches and due diligence for years to come, even after the media storm surrounding it has died down, say family business experts.

This week the Indonesian family behind Bakrie Group formally separated itself from its ill-fated natural resources group Bumi (now renamed Asia Resource Minerals) it co-founded in 2010 with Nat Rothschild, of the English branch of the famous banking dynasty.

July 19, 2013

The chief executive of Market Basket will remain head of the family business for now, despite a marathon board meeting on Thursday where his cousin attempted to oust him from the role.
 

The chief executive of Market Basket will remain head of the family business for now, despite a marathon board meeting on Thursday where his cousin attempted to oust him from the role.

The US-based chain of supermarkets was ordered by the courts to hold a board meeting following their long-running disputes, with some board members stating incumbent president, Arthur T DeMoulas, was spending money recklessly and ignoring the advice of the board.

June 5, 2013

The chief executive of the US-based Morgans Hotel Group has urged shareholders to reelect the existing board of directors, and reject a bid by two families to place their children at the helm of the company.

The chief executive of the US-based Morgans Hotel Group has urged shareholders to reelect the existing board of directors, and reject a bid by two families to place their children at the helm of the company. He has also said that, if reelected, the board will consider strategic alternatives for the company, including its sale.

Michael Gross said Michael Olshan, Andrea Olshan and Jason Taubman Kalisman do not have the relevant business, industry or public company experience to qualify them to serve as directors.

November 8, 2012

It’s a busy time for sales and acquisitions in the family business world, with companies in France, Vietnam and the US buying controlling stakes, while the Lacoste family has sold off its shares in the eponymous clothing brand.

It’s a busy time for sales and acquisitions in the family business world, with companies in France, Vietnam and the US buying controlling stakes, while the Lacoste family has sold off its shares in the eponymous clothing brand.

On 7 November, family member and chairwoman Sophie Lacoste Dournel said she and family members had decided to sell their remaining 28% shareholding to Maus Freres “with great sadness”.

September 28, 2012

Life appears never to be dull for Gina Rinehart, the world’s richest woman and head of mining family business Hancock Prospecting, who is now facing a legal challenge over her ownership of the family’s assets.

Life appears never to be dull for Gina Rinehart, the world’s richest woman and head of mining family business Hancock Prospecting, who is now facing a legal challenge over her ownership of the family’s assets.
 

September 6, 2012

Families will feud. They will feud between themselves and with other families. These feuds can get pretty nasty, and when there’s money and power involved the nastiness often gets aired in public.

Families will feud. They will feud between themselves and with other families. These feuds can get pretty nasty, and when there’s money and power involved the nastiness often gets aired in public.

So it is with two of France’s most powerful families – the 70-plus family members behind Hermes and the Arnaults, or more specifically, the patriarch, Bernard Arnault. Arnault and his family control more than 40% of the world’s biggest luxury products business, LVMH.

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