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FB Roundup: Harvey Weinstein, Bacardi, and Pentland Group

October 20, 2017

Weinstein scandal could claim family business; Philanthropic Bacardi gives $3 million for disaster relief; Pentland Group awarded for excellence by EY

Weinstein scandal could claim family business

The sexual harassment scandal surrounding Hollywood producer Harvey Weinstein may engulf the film studio he co-founded despite resigning from the board.

FB Roundup: Walmart, Heineken, and Nordstrom

June 14, 2017

Walmart staff deliver, Heineken takeover challenged, and Nordstrom family to buy out

Walmart staff deliver

Family business giant Walmart encouraging staff to make online-order deliveries on their way home is a “win-win-win” for workers, customers and the business.

The retailer is attempting to head off competition from Amazon and pitched the idea as a way for staff to make extra money, while the business cuts costs.

Rising Hermes stock fuels takeover speculations

June 8, 2011

The stock of family-controlled luxury group Hermes has risen to a seven month high, causing speculation that rival family company LVMH is buying more Hermes shares.

Hermes stock rose to a high of €207.75 per share on 7 June – trading at 35 times its 2012 earnings, pushing up its market capitalisation to around €20 billion. This valued the group higher than some of France’s biggest companies including Michelin and Airbus.

Hermes family tightens grip on company

January 7, 2011

The founding family of Hermes International, the luxury scarves and handbag maker, was granted the right on 6 January to create a holding company to pool family shares without having to bid for the rest of the company.

The decision, which was taken by the French stock market regulator the Autorite des Marches Financiers, gives the family better protection against the unwanted advances of fellow family-owned luxury group Moet Hennessy Louis Vuitton.

Regulators to consider Hermes family plan

January 5, 2011

French regulators will debate on 6 January whether the plan proposed by Hermes family shareholders that would prevent a hostile takeover of the company can be allowed under antitrust laws.

The family, who controls 73% of the Paris-based company, met in December to set up a holding company, which will control more than 50% of Hermes and have the first right to purchase any of the remaining family-owned shares as and when they are sold.

Hermes moves to fend off predators

December 6, 2010

Hermes, the French luxury products company controlled by descendants of the founder, has moved to set up a holding company to fend off any advances from larger rival LVMH Moet Hennessy Louis Vuitton.

Hermes, the French luxury products company controlled by descendants of the founder, has moved to set up a holding company to fend off any advances from larger rival LVMH Moet Hennessy Louis Vuitton.

Family members met 4 December to set up a holding corporation, which will control more than 50% of the company. The holding company will also have the first right to purchase any of the remaining family-owned shares.

David Simon ups pressure on GGP to close deal

April 15, 2010

David Simon, chairman of the board and CEO of family-run Simon Property Group, stepped in personally to try and help force through his company’s hostile takeover of General Growth Properties.

In a letter to his counterpart at GGP yesterday, the second-generation family member offered to match the reorganisation plan put forward by rival Brookfield Asset Management. However, he claimed his offer to invest $2.5 billion was “substantially more favourable to GGP and its equity holders”. His proposal includes a $1 billion co-investment commitment by Paulson & Co.

Cosmen family withdraws National Express bid

October 16, 2009

The Spain-based Cosmen family has withdrawn its bid for UK-transport company National Express after a month of due diligence.

The Spain-based Cosmen family has withdrawn its bid for UK-transport company National Express after a month of due diligence.

The family, National Express's largest shareholder, instead supports further fundraising by the company. "The Cosmen family has now confirmed its intention to support the group's plans to undertake an equity fundraising within certain parameters that the Cosmen family has communicated to the board of National Express," a statement said. It is not yet clear what those conditions are.

End of Busch family era as new leader chosen to head US operations

October 9, 2008

The demotion of August A Busch IV from the executive committee of beer giant Anheuser-Busch has been confirmed with the promotion of David Peacock at the newly-formed Anheuser-Busch InBev behemoth.

Peacock, who served as vice president of marketing under Busch IV, becomes the new president and will manage all US operations for the combined company, which is awaiting the approval of Anheuser-Busch shareholders on 12 November.

InBev shareholders approve Anheuser-Busch takeover and vote family onto board

October 1, 2008

The first hurdle of InBev’s takeover of US rival Anheuser-Busch has been cleared.

The first hurdle of InBev's takeover of US rival Anheuser-Busch has been cleared.

InBev shareholders voted overwhelmingly in favour of the acquisition of all Anheuser-Busch shares for $70 each at the Belgian-based company's extraordinary general meeting held today.

They also approved the name change of InBev to Anheuser-Busch InBev and the appointment of president and CEO August A Busch IV as a director of the new company.