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hancock prospecting

March 24, 2017

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.

December 9, 2016

Park Geun-hye impeached over chaebol corruption; Australia's richest woman Gina Rinehart to buy Kidman estate; and EC is suing member states over VW diesel scandal

Park Geun-hye impeached over chaebol corruption

South Korean legislators have voted to impeach president Park Geun-hye following revelations that the country’s chaebol conglomerates handed over tens of millions of dollars in exchange for political favours. 

Park, who was nicknamed the ‘chaebol sniper’ for her anti corruption sentiment, is now at the centre of a scandal involving a mysterious friend, Choi Soon-sil, who is accused of extorting millions from the very establishments she set out to tackle.   

October 28, 2016

Hero MotoCorp posts “best ever” quarterly sales; Gina Rinehart spends $400 million on fertiliser investment; and Kering shares hit 15-year high on Gucci success

Hero MotoCorp posts “best ever” quarterly sales

Indian motorcycle manufacturer Hero MotoCorp, owned by the Munjal family, reported a 28% increase in net profit this week in what has been called its best-ever quarterly sales.

Pawan Munjal, chairman, managing director and chief executive of Hero MotoCorp, said the record-breaking sales were a reiteration of the “overwhelming” customer preference for the company's products.

May 28, 2015

Australia’s wealthiest woman, Gina Rinehart, has been order by the supreme court to pass control of the family trust to her daughter, ending a four-year feud with two of her children, and loosening her grip on the family firm.

Australia’s wealthiest woman, Gina Rinehart, has been order by the supreme court to pass control of the family trust to her daughter, ending a four-year feud with two of her children, and loosening her grip on the family firm.

The second-gen to a iron ore mining empire, Hancock Prospecting, Rinehart changed the vesting date of the multi-billion dollar Hope Margaret Hancock Trust in 2011 to 2068, just days before it was due to pay out.

March 18, 2015

From packaging to mining, to shopping mall empires and travel – CampdenFB takes a look at some of Australia's most impressive family businesses.

From packaging to mining, to shopping mall empires and travel – CampdenFB takes a look at some of Australia's most impressive family businesses.

February 13, 2015

Gina Rinehart sells Fairfax stake, cites ‘bad decisions’; Grupo Mexico plans to sell stake in its railway business; and Hyundai’s Chung family raises $1.1 billion in stake sale

Gina Rinehart sells Fairfax stake, cites ‘bad decisions’

Australian mining second-gen Gina Rinehart has sold her stake in newspaper publisher Fairfax Media for A$306 million (€208 million), according to a press release.

Rinehart, who is the richest person in Australia, sold her 14.99% stake for 86.75 Australian cents per share. She said bad business decisions at Fairfax inspired her to sell.

May 12, 2014

Australian family businesses have enjoyed local and
international success, but closer to home they are
facing a succession squeeze and a government that
is slow to show its support.

Australian family firms have certainly produced some larger-than-life businesspeople. Gina Rinehart, the wealthiest person in Australia, owes her fortune to Hancock Prospecting – the mining company founded by her father. She is consistently in the national, and often international, headlines for her anti-environmental business agenda and support for lower wages. This is in addition to her on-going, and very public, feud with her children over the governance of the family trust that manages the family’s wealth.

December 20, 2013

Billionaire Australian mining tycoon Gina Rinehart has received a cash injection for her AUD$10 billion (€6.5 billion) Roy Hill mining project from the Export-Import Bank of the United States.

Billionaire Australian mining tycoon Gina Rinehart has received a cash injection for her AUD$10 billion (€6.5 billion) Roy Hill mining project from the Export-Import Bank of the United States.

The bank – a federal agency designed to support private enterprises – authorised a $694.4 million (€451 million) loan to the mine in western Australia on the condition Roy Hill buys its equipment from US firms.

August 5, 2013

Australian mining magnate Gina Rinehart has offered an olive branch to her two children that are taking civil court action against her regarding the management of the family wealth and controlling shares in the family business.

Australian mining magnate Gina Rinehart has offered an olive branch to her two children that are taking civil court action against her regarding the management of the family wealth and controlling shares in the family business.

In an open letter to siblings John Hancock and Bianca Rinehart, the businesswoman – who at an estimated net worth of AUS$22 billion (€14.7 billion) is the country’s richest woman – said she was willing to appoint a co-trustee to the family trust.

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