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January 31, 2018

VW caught in monkey test scandal; Berkshire, Amazon, JP Morgan plan healthcare non-profit; and Thomson Reuters family sell F&R business

VW caught in monkey test scandal

The reputation of family-owned Volkswagen has taken another hammering, after it became the scapegoat for emissions tests which forced monkeys to breathe diesel fumes.

August 5, 2016

AB InBev clears China hurdle in SABMiller takeover deal; South Korea bans almost all VW cars over emission scandal; and Viacom Q3 results strengthen Redstone case

AB InBev clears China hurdle in SABMiller takeover deal

Family-controlled brewer AB InBev, which produces brands such as Stella Artois, Budweiser and Corona, cleared a major hurdle towards its takeover of SABMiller this week after receiving regulatory approval from China.

April 29, 2016

Two more of Europe’s family-owned car makers could become caught up in the emissions scandal that has engulfed Volkswagen.

Two more of Europe’s family-owned car makers could become caught up in the emissions scandal that has engulfed Volkswagen.

Offices at PSA Group, which owns Peugeot and Citroen, have been raided, while tests on a Fiat model have suggested it might be programmed to deactivate pollutant controls outside test conditions.

October 25, 2012

Tough trading conditions are continuing to take their toll on family businesses in Europe, with profits falling at Volkswagen and Santander. 

Tough trading conditions are continuing to take their toll on family businesses in Europe, with profits falling at Volkswagen and Santander.

Carmaker Volkswagen, which is controlled by the Porsche and Piech families, had a particularly tough third quarter, with operating profits falling to €2.3 billion – down 19% on the same period last year. It came on the back of a 26.8% rise in revenues during the quarter.

July 27, 2012

It has been a good week for top European family businesses, as the continent’s biggest carmaker, Volkswagen, and leading French luxury conglomerates LVMH and PPR reported significant revenue growth for the first half of 2012.

It has been a good week for top European family businesses, as the continent’s biggest carmaker, Volkswagen, and leading French luxury conglomerates LVMH and PPR reported significant revenue growth for the first half of 2012.

LVMH, controlled by Bernard Arnault and his family, announced on 26 July half-yearly revenues of €13 billion, up 26% from €10.29 billion in the first six months of last year.

February 10, 2011

The year has started on a positive note for family-controlled carmakers, with BMW, Audi and Peugeot Citroen reporting a rise in sales. Helped by surging demand not just in emerging markets, but also the developed world, it has raised hopes that the worst of recession may be running its course for the automobile sector.

The year has started on a positive note for family-controlled carmakers, with BMW, Audi and Peugeot Citroen reporting a rise in sales. Helped by surging demand not just in emerging markets, but also the developed world, it has raised hopes that the worst of recession may be running its course for the automobile sector.

January 4, 2011

A $2 billion-plus lawsuit filed against family-controlled automobile giant Porsche was dismissed by a US federal judge on 30 December 2010.

A $2 billion-plus lawsuit filed against family-controlled automobile giant Porsche was dismissed by a US federal judge on 30 December 2010.

Porsche was being sued by 39 hedge funds for lying over its intentions towards Volkswagen. Specifically, they claimed Porsche disguised its intentions to takeover VW at the end of 2008.

December 1, 2010

Porsche SE shareholders voted in favour of a €5 billion rights issue on 30 November that is designed to reduce the niche sports carmaker’s debt ahead of its merger with Volkswagen next year.

Porsche SE shareholders voted in favour of a €5 billion rights issue on 30 November that is designed to reduce the niche sports carmaker's debt ahead of its merger with Volkswagen next year.

Nearly 90% of the company's common shareholders voted in favour of the rights issue, which Porsche hopes will be completed by May 2011.

November 30, 2010

Porsche Automobile Holding SE, the family-controlled parent company of the carmaker Porsche, announced 29 November that it has returned to profit for the first three months of its fiscal year.

Porsche Automobile Holding SE, the family-controlled parent company of the carmaker Porsche, announced 29 November that it has returned to profit for the first three months of its fiscal year.

In a statement, Porsche said it has generated a net profit of €155 million for the three months from 1 August 2010, compared with a loss of €413 million for the same period in 2009. 

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