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April 17, 2015

Samsung launches screen division for Apple; Benetton Group falls short on factory disaster fund; and Hyundai to revamp outdated wage system

Samsung launches screen division for Apple

South Korea’s Samsung has created a standalone team of 200 employees that will work exclusively on screens for their largest competitor Apple, according to Bloomberg.

Apple is currently the biggest customer for Samsung components and relations between the two companies have improved since they dropped all lawsuits against each other outside of the US.

April 10, 2015

Hyundai Motor vows to improve corporate governance; Bollore boosts stake in Vivendi; and James Dyson to acquire son’s lighting company

Hyundai Motor vows to improve corporate governance

South Korea’s largest automaker Hyundai Motor Co will consider a shareholder request to improve corporate governance, according to co-chief executive Kim Choong Ho.

The proposal comes shortly after Hyundai paid more than $10 billion for a piece of real estate in Seoul’s affluent Gangnam district, which caused share prices to drop and rekindled the debate around opaque decision making.

March 26, 2015

Merck deputy chief Oschmann to become CEO; China National Chemical Corp to buy Pirelli for $7.7 billion; and Airbus sells stake in Dassault Aviation

Merck deputy chief Oschmann to become CEO

German pharmaceutical company Merck, 70% owned by the eponymous founding family, will promote deputy chief executive Stefan Oschmann to the top job next year, according to Manger Magazin.

The 57-year-old will reportedly take on the new role after the group’s annual shareholder meeting in 2016, when current CEO Karl-Ludwig Kley’s current contract expires.

March 19, 2015

Agnelli family to sell Cushman and Wakefield; Lifeway Foods posts 8% rise in 2014 profit; and Spain’s Inditex introduces profit share plan

Agnelli family to sell Cushman and Wakefield

New York-based real estate firm Cushman & Wakefield, owned and controlled by Italy’s Agnelli family, has been put up for sale and is expected to fetch $2 billion.

The deal is thought to be part of a capital raise so the Agnelli family can make further acquisitions in the automotive industry.

According to Bloomberg, Chinese conglomerate Fosun International is also among several companies considering a bid for the 98-year-old company.

March 13, 2015

Dassault Aviation posts 2014 profit drop; Thailand’s Central Group to invest $1.14 billion in SE Asia; Holcim and Lafarage to renegotiate merger terms

Family Business Roundup: Dassault, Central Group, Holcim and Lafarage

Dassault Aviation posts 2014 profit drop

French aerospace company Dassault Aviation, owned by the eponymous family, has reported a 38% drop in its net profit for 2014.

According to a statement released yesterday, net profit for the year slipped to €282 million ($299 million) from €459 million in 2013, while net sales fell to €3.68 billion from €4.59 billion.

March 6, 2015

Malacalza family becomes top investor in Italy’s Carige; Benetton launches global living wage scheme; and Van de Velde sees core profit rise

Malacalza family becomes top investor in Italy’s Carige

Malacalza Investimenti, the Italian holding company headed by entrepreneur Vittorio Malacalza, has this week agreed to buy a 10.5% stake in troubled lender Banca Carige for €66.2 million ($73.6 million).

The deal makes Malacalza Investimenti the largest investor in Banca Carige, which recently failed a health check of lenders across the Eurozone and needs to raise €700 million in order to plug a capital shortfall.

February 20, 2015

Munjal patriarch sells €263 stake in Hero MotoCorp; Share prices at Bollore jump for second day; Orascom to list fertiliser and chemical division; and Heineken board looks to appoint family member

Munjal patriarch sells €263 stake in Hero MotoCorp

Brijmohan Lall Munjal, the chairman of Indian motorcycle manufacturer Hero Motocorp and Munjal family patriarch, has sold €263 million worth of shares in order to raise capital for new investments.

The 91-year-old sold nearly seven million shares in the company he co-founded, reducing his ownership stake to just over 36% from 39.9%. Analysts believe the chairman is looking to raise cash for investment in the power and real estate sectors.

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.

February 12, 2015

French drinks group Pernod Ricard is back in the hands of a family member with the appointment of Alexandre Ricard, who has been appointed chief executive and chairman – a role he has been groomed for over the past three years.

French drinks group Pernod Ricard is back in the hands of a family member with the appointment of Alexandre Ricard, who has been appointed chief executive and chairman – a role he has been groomed for over the past three years.

His appointment comes as the company posted lacklustre first-half operating profit due to sluggish sales in its two largest markets.

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