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February 5, 2016

Billionaire Ruias brothers to sell stake in Essar Oil; Merck revenue and profit falls; and Ikea loses rights to name in Indonesia

Billionaire Ruias brothers to sell stake in Essar Oil

Essar Group, one of India's leading family-owned conglomerates, has held discussions with the national oil companies of Saudi Arabia and Iran about selling a stake in its refinery business, according to Bloomberg.

Mumbai-based Essar Group and Saudi Aramco reportedly started "exploratory talks" last month regarding a stake sale in the former's oil division Essar Oil, said sources familiar with the matter.

January 29, 2016

Third-gen Takata CEO and chairman forced to deny he is stepping down; Swedish family business H&M sees drop in gross profit margins; and James Murdoch returns as UK Sky chairman

Third-gen Takata CEO and chairman forced to deny he is stepping down

The third-generation CEO and chairman of Japanese family business Takata has had to confirm via the company that he will not be stepping down from the helm of the company in the midst of a product recall scandal.

The airbag maker is currently responsible for the largest auto recall in history, totaling 18 million vehicles since 2013 and attributed to at least 10 deaths. 

December 18, 2015

Adelson family confirms ownership of Las Vegas newspaper; Uniqlo Operator Fast Retailing closes $2 billion bond market debut; and Indian family business Mahindra purchases Pininfarina

Adelson family confirms ownership of Las Vegas newspaper

Billionaire casino mogul Sheldon Adelson has been revealed as the new owner of The Las Vegas Review-Journal.

The 82-year-old purchased the newspaper for $140 million but has been met with widespread criticism for a lack of transparency after keeping the acquisition secret.

December 11, 2015

Mary von Faber-Castell appointed to Faber-Castell board; Walmart Launches mobile payment system for smartphones; and Hanwha promotes chairman’s eldest son

Mary von Faber-Castell appointed to Faber-Castell board

Countess Mary von Faber-Castell, the wife of Count Anton-Wolfgang von Faber-Castell, CEO of the eponymous stationary manufacturer, will be appointed to the firm’s management board early next year, according to a company statement.

The countess is set to become the fifth member of the board but will continue to head up the cosmetics division, where she previously held the role of managing director.

December 4, 2015

BlueCrest to close Hedge Fund and return outsider money; Louis Dreyfus family ask to be bought out; and Volkswagen sales drop 25% in US

BlueCrest to close Hedge Fund and return outsider money

BlueCrest Capital Management, the hedge fund founded by billionaire Michael Platt, has decided to jettison its clients and rebrand itself as a private investment partnership.

The 15-year-old hedge fund, which managed around $36 billion at its peak in 2012 but now manages $8 billion, said it has become increasingly difficulty to generate returns and that it will now manage the money of Platt, employees and partners. 

November 27, 2015

Camargo sisters sell maker of Havaianas sandals; Toyota global leader in car sales; and Tod’s acquires Roger Vivier for $441 million

Camargo sisters sell maker of Havaianas sandals

Brazilian engineering company Camargo Corrêa, controlled by the billionaire Carmargo sisters, has revealed it is selling the maker of Havaianas flip-flops to J&F Investimentos SA for 2.7 billion reais ($718 million).

November 20, 2015

Marriott buys Starwood in $12.2 billion deal; Bombardier sells 30% train unit stake to relieve financing pressure; and Lotte Group founder launches fresh lawsuits in succession wrangle

Marriott buys Starwood in $12.2 billion deal

Family-run hotel giant Marriott International revealed this week that it has agreed to buy Starwood Hotels & Resorts in a $12.2 billion cash and shares deal.

The acquisition will make Marriott International the largest hotel chain in the world, with access to more than a million rooms. It will also bring together 30 brands across all lodging segments, including Starwood’s higher-end W Hotels and Marriott’s Courtyard.

November 6, 2015

Spain’s Grifols condemned for moving treasury to Ireland; Forbes family sues Hong Kong investors over repayments; and Ubisoft posts lower than expected half-year results

Spain’s Grifols condemned for moving treasury to Ireland

Grifols, the Spanish family-owned pharmaceuticals firm, has drawn ire after revealing plans to move its treasury from Barcelona to Dublin just one week after the government announced a new business-friendly corporate tax category.

October 16, 2015

Family-owned Busch raises stake in Pfeiffer Vacuum; Slim names close associate as CEO of Realia; and WalMart stock tumbles following drop in annual profit

Family-owned Busch raises stake in Pfeiffer Vacuum

German vacuum pump maker Busch, owned by the eponymous family, has increased its stake in rival Pfeiffer Vacuum to 27.2% from 15%, according to a company statement.

Busch had bought the 15% stake in Pfeiffer in a surprise move last month as it seeks to expand its reach within the market.

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