FB Roundup: JAB Holdings, Volkswagen, and Todd Corporation
JAB Holdings completes $1.3 billion acquisition of Krispy Kreme
JAB Holding, the investment vehicle of the Reimann family, has completed its $1.3 billion acquisition of US-based doughnut and coffee company Krispy Kreme.
In a two-paragraph statement, the two companies confirmed the completion of the sale this week, and added that Krispy Kreme will become a privately held company.
The $1.3 billion deal is the latest in a string of acquisitions by JAB Holding as it looks to consolidate the global coffee industry and take on industry leaders Starbucks and Nestle SA.
JAB Holdings is currently controlled by the second generation of Germany's Reimann family: Renate Reimann-Haas, Wolfgang Reimann, Stefan Reimann-Andersen, and Matthias Reimann-Andersen.
The holding company has to date orchestrated a string of acquisitions in the coffee sector, totalling more than $30 billion.
Volkswagen stock price crashes after Q2 results
Share prices at family-controlled Volkswagen took a beating this week after the embattled carmaker announced its second quarter results.
According to the financial statement, first half profit at Volkswagen dropped more than a third to €900 million ($999 million) as the Wolfsburg-headquartered firm struggles with the cost of the dieselgate scandal.
Share prices dropped nearly 4.3% to about €133.
Last year, Volkswagen lost €1.6 billion ($1.8 billion) in what has been called its worst ever financial performance.
The third-generation family business is controlled by the Piech and Porsche families.
Todd Corporation given nod to sell gold mine stake
Todd Corporation, the holding company owned by New Zealand's wealthiest family, has gained approval to sell its 20% stake in a joint venture with US mining company Coeur Gold.
The two companies ran a gold mine in Waikino, New Zealand until 1997. The Overseas Investment Office has approved Todd's sale of its remaining stake, giving Coeur Gold 100% control over the land in Waikino.
Todd Corporation was founded in 1885 by Charles Todd as a wool-scouring company, a few years after the family immigrated to New Zealand from Scotland.
According to Forbes, fourth-gen John D Todd became the country's first billionaire in 2001.
