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September 10, 2013

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

He made the statement to reporters at the Frankfurt car show in response to reports last week that company chief executive Martin Winterkorn was soon to takeover.

Piech’s contract, extended last year, runs into 2017.

It was rumoured that Volkswagen finance chief Hans Dieter Poetsch would replace Winterkorn until a longer-term solution was found.

August 1, 2013

Premium beer helps Anheuser-Busch InBev’s profits, Volkswagen increases share of car market, Polish market not as strong for Jeronimo Martins and slowdowns in solar and smartphone markets hit Wacker Chemie and Amkor Technology respectively.

Premium beer helps Anheuser-Busch InBev’s profits, Volkswagen increases share of car market, Polish market not as strong for Jeronimo Martins and slowdowns in solar and smartphone markets hit Wacker Chemie and Amkor Technology respectively.

Anheuser-Busch InBev

Family-controlled Belgian brewer Anheuser-Busch InBev has seen second quarter earnings rise 3.9% year-on-year to $10.6 billion ($8 billion). Revenue for the first half was $19.8 billion, up 2.7% on the previous year.

June 18, 2013

The Piech and Porsche families, descendents of the founders of the eponymous carmaker, have reasserted their control over Porsche's holding company.

The Piech and Porsche families, descendents of the founders of the eponymous carmaker, have reasserted their control over Porsche's holding company.

On 17 June the families reached an agreement with Qatar Holding – the investment division of Qatar's sovereign wealth fund – to buyback the 10% voting stake in Porsche SE that was sold in 2009. The value of the transaction has not been disclosed.

May 3, 2013

Good results news for Estee Lauder, MasTec, Marriott, McGraw Hill and Loblaw, tough times for Loews and Volkswagen.

Good results news for Estee Lauder, MasTec, Marriott, McGraw Hill and Loblaw, tough times for Loews and Volkswagen.

Estee Lauder (2 May)
Estee Lauder, the skin care company controlled by the eponymous family, announced 2% sales increases for the third quarter of 2013 to $2.29 billion (€1.7 billion).

But profits rose dramatically to $178.8 million, as the group's restructuring efforts of the past couple of years began to deliver cost savings.

March 1, 2013

The families behind a number of high-profile businesses have reorganised their shares recently, with the Fords transferring stock to family trusts and Rupert Murdoch selling some of his voting shares at News Corp.

The families behind a number of high-profile businesses have reorganised their shares recently, with the Fords transferring stock to family trusts and Rupert Murdoch selling some of his voting shares at News Corp. Meanwhile, the Piech family has gifted Volkswagen employees some of its voting rights.

Ford
Bill Ford, fourth-gen executive chairman of the eponymous carmaker, has transferred some of his class B voting stock into trusts set up for his children for estate and planning purposes.

November 14, 2012

Ferdinand Piech, chair of family-controlled Volkswagen, has hinted he could stay at the carmaker for another five to seven years, despite being 75 years old. 

Ferdinand Piech, chair of family-controlled Volkswagen, has hinted he could stay at the carmaker for another five to seven years, despite being 75 years old.

In April, VW shareholders voted for Piech to serve a third term as chairman, to end in December 2016. But in an interview with German newspaper Bild am Sonntag last week, Piech, whose family holds a majority stake in VW, said he wanted to stay around longer to support chief executive Martin Winterkorn.

July 5, 2012

After months of analysis and speculation, shares of family-controlled carmaker Porsche will be integrated into the Volkswagen Group, in a move that will boost VW’s results by almost €10 billion.

After months of analysis and speculation, shares of family-controlled carmaker Porsche will be integrated into the Volkswagen Group, in a move that will boost VW’s results by almost €10 billion.

In a statement issued on 4 July, Germany company VW said it will pay the Porsche holding company €4.46 billion and one ordinary share of VW in return for the 50.1% stake in Porsche it doesn’t already own.

Following the integration – to be completed by 1 August – VW will own 100% of Porsche.

April 28, 2012

Ford Motor Company, the US carmaker controlled by the founding Ford family, saw its profits plummet during the first three months of 2012, while three other family businesses have posted strong quarterly results. 

Ford Motor Company, the US carmaker controlled by the founding Ford family, saw its profits plummet during the first three months of 2012, while three other family businesses have posted strong quarterly results.

March 13, 2012

Germany’s Volkswagen needs to ensure there is enough external influence to steer the family business through tough times, following a move by the Piech family to rein in control of the carmaker.

Germany’s Volkswagen needs to ensure there is enough external influence to steer the family business through tough times, following a move by the Piech family to rein in control of the carmaker.

That’s according to Albrecht Enders, professor of strategy and innovation at Swiss-based business school IMD, who was commenting after Volkswagen proposed Ursula Piech, wife of chairman Ferdinand Piech, join the automaker's board.

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