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July 31, 2015

Lotte Group ousts 92-year-old founder; LVMH posts second-quarter revenue rise of 23%; and Sweden’s Ikea buys forest in Romania

Lotte Group ousts 92-year-old founder

The board of directors at South Korean-Japanese conglomerate Lotte Group voted this week to remove general chairman and founder Shin Kyuk-ho from his post, Japanese media reported.

The move is seen as part of a power struggle between the founder’s two sons, Dong-joo and Dong-bin, who own comparable stakes in the company, and are vying for control of the 90 trillion won ($77 billion) business.

July 24, 2015

Lavazza to acquire Carte Noire for €800 million; Fiat Chrysler announces Ferrari IPO; and Shin Dong-bin appointed CEO at Lotte Holdings

Lavazza to acquire Carte Noire for €800 million

Lavazza, the family-run Italian coffee maker, has put in a formal bid to acquire French brand Carte Noire for €800 million ($879 million).

According to a company statement, the deal will treble the company’s turnover in France and will help it grow organically in the surrounding regions.

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