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sales of FBs

March 2, 2012

The Fredriksen family, which controls deepwater drilling company Seadrill, has reduced its stake in the business, in an attempt to shore up its cash reserves to diversify the family’s other interests.

The Fredriksen family, which controls deepwater drilling company Seadrill, has reduced its stake in the business, in an attempt to shore up its cash reserves to diversify the family’s other interests.

That’s according to a statement by the Bermuda-based group, which said the family, through investment vehicle Hemen Holding, has cut its stake to 23% from 28%.

February 23, 2012

Two family businesses operating in the US food industry have been sold – with the Guida family in Connecticut ending its involvement in dairy company Guida’s Milk and the Schweppe family in Illinois selling food service firm Schweppe.

Two family businesses operating in the US food industry have been sold – with the Guida family in Connecticut ending its involvement in dairy company Guida’s Milk and the Schweppe family in Illinois selling food service firm Schweppe.

Guida's Milk, which produces milk, cream and ice-cream mixes, as well as fruit juices, was sold to Dairy Farmers of America, a Kansas City-based co-operative, for an undisclosed sum.

February 21, 2012

Fung Brands, the investment arm of Hong Kong’s billionaire brothers Victor and William Fung, has acquired a majority stake in France’s family-controlled fashion house Sonia Rykiel.

Fung Brands, the investment arm of Hong Kong’s billionaire brothers Victor and William Fung, has acquired a majority stake in France’s family-controlled fashion house Sonia Rykiel.

In a statement released on 20 February, Fung Brands said it has bought 80% of the Paris-based luxury business, famous for its colourful knitwear and poor boy sweaters.

February 13, 2012

Naguib Sawiris, who is the former chairman of Egyptian family business Orascom Telecom Holding, has sold most of his stake in the group’s mobile operations to its French partner.

Naguib Sawiris, who is the former chairman of Egyptian family business Orascom Telecom Holding, has sold most of his stake in the group’s mobile operations to its French partner.

Following the completion of the sale, France Telecom will own 95% of Mobinil while the Sawiris family will retain a 5% “economic interest”, according to a statement.

February 7, 2012

The luxury sector is often not far from headlines – last year saw a number of acquisitions of luxury groups, with family businesses leading the way. But this year, the food industry looks to be consolidating operations, starting with an American family-owned food service distribution firm making a purchase.

The luxury sector is often not far from headlines – last year saw a number of acquisitions of luxury groups, with family businesses leading the way. But this year, the food industry looks to be consolidating operations, starting with an American family-owned food service distribution firm making a purchase.

Gordon Food Service, controlled by the Gordon family, has acquired fellow family-owned Perkins, in an attempt to increase market share in New England.

February 1, 2012

Mergers and acquisitions of family businesses have been on an upward trend. The combination of a long-term outlook and a desire to preserve family heritage often woos companies controlled by families to look to each other for expansion and growth.

Mergers and acquisitions of family businesses have been on an upward trend. The combination of a long-term outlook and a desire to preserve family heritage often woos companies controlled by families to look to each other for expansion and growth.

January 30, 2012

The Ligresti family has ended its control of Italy’s second-largest insurance group Fondiaria SAI, in a bid to restructure the insurer’s assets.

The Ligresti family has ended its control of Italy’s second-largest insurance group Fondiaria SAI, in a bid to restructure the insurer’s assets.

According to a statement released on 29 January, the family agreed on a deal that will see rival Unipol increase the capital of Premafin by €400 million.

Premafin is the holding company through which the Ligrestis control Fondiaria SAI, as it owns 38.5% of the insurance group.

January 30, 2012

Chinese investors have acquired a large Mittelstand company after finally cracking the family-control barrier, which has traditionally prevented foreign businesses from purchasing Germany’s privately-owned manufacturing companies.

Chinese investors have acquired a large Mittelstand company after finally cracking the family-control barrier, which has traditionally prevented foreign businesses from purchasing Germany’s privately-owned manufacturing companies.

In the first sale of a large and well-known Mittelstand company to Chinese buyers, Sany Heavy Industry, along with Chinese private equity company Citic PE Advisors, will acquire 100% of German family business Putzmeister. Terms of the deal were not disclosed.

January 27, 2012

The family behind French fashion house Sonia Rykiel is in talks to sell a majority stake in the family business to Fung Brands, the investment arm of Chinese billionaire brothers Victor and William Fung.

The family behind French fashion house Sonia Rykiel is in talks to sell a majority stake in the family business to Fung Brands, the investment arm of Chinese billionaire brothers Victor and William Fung.

Under the proposed deal, Fung Brands would control 80% of the Paris-based firm,while the Rykiel family would retain the remaining stake, both companies said in a statement on 26 January.

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