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FB roundup: Bombardier, Charoen Pokphand, and Volkswagen

November 16, 2018

Bombardier to cut 5000 jobs in restructuring, Thailand conglomerate Charoen Pokphand Group bids for rail project, and Volkswagen in talks with Ford to invest in self-driving unit Argo.

Bombardier to cut 5000 jobs in restructuring

Canadian aerospace giant Bombardier is to cut 5,000 jobs as part of an effort to streamline operations and reduce costs.

Bombardier said the 7% reduction of its workforce over the next 12 to 18 months will save the company about $250 million a year by 2021, with the job cuts mostly coming from the company’s engineering and management ranks.

FB Roundup: Maersk, Tengelmann, and VW

April 13, 2018

Maersk eyes female CFO candidates, Tengelmann hit by back-to-back tragedies, and VW to replace stopgap chief.

Maersk eyes female CFO candidates

Maersk may hire its first female chief financial officer to join its all-male executive, following its election of one of the least gender-diverse boards in Denmark.

FB Roundup: Nordstrom, Porsche, and Ofer family

March 22, 2018

Nordstrom ends talks with founding family, Porsche put next-gen in the driver's seat, and Ofers divide assets to avoid competition law

Nordstrom ends talks with founding family

Nordstrom have ended discussions with its founding family over re-privatising the business, following 10 months of negotiations.

The fashion retailer had appointed a committee to negotiate with the family—who own just over 30%—on behalf of shareholders, but the parties had been unable to reach an agreement and this week Nordstrom announced it had “terminated” discussions.

FB Roundup: Mars, VW, and UHNW cities

December 7, 2017

Mars moves in on healthy snacks by investing in Kind, VW expects record sales despite emissions scandal, and which cities contain the most ultra-highnet worth people?

Mars moves in on healthy snacks

Mars, famous for its sweet treats, has invested in a $4 billion healthy snack maker, as it diversifies in the face of growing hostility towards sugar-laden foods.

The terms of the deal, which saw Mars acquire a minority stake in Kind, were not disclosed. The Financial Times quoted “people familiar with the matter” as saying Kind had a value of $4 billion and turned over $700 million a year.

Piech share sale threatens family ownership at Volkswagen

March 21, 2017

Former Volkswagen chairman Ferdinand Piech is in talks to sell the majority of his shares in holding company Porsche SE in a move that could threaten its future as a family-run business.

Former Volkswagen chairman Ferdinand Piech is in talks to sell the majority of his shares in the holding company Porsche SE in a move that could threaten its future as a family-run business.

The news comes several weeks after Piech stirred controversy when he allegedly told Volkswagen’s internal investigators that he confronted former chief executive Martin Winterkorn over the emissions scandal in March 2015.

FB Roundup: Chow Tai Fook Enterprises, Volkswagen, and Nintendo

March 17, 2017

Chow Tai Fook Enterprises to pay $3 billion for Australia’s Alinta Energy; Volkswagen targets Bay Area in $2 billion electric-vehicle infrastructure deal; and Nintendo doubles production on Switch console

Chow Tai Fook Enterprises to pay $3 billion for Australia’s Alinta Energy

FB Roundup: LVMH, Volkswagen, and Bosch

February 3, 2017

LVMH to a grip on eyewear market with Marcolin deal; Volkswagen overtakes Toyota as top company, despite cheating scandal; and Bosch pays $330 million compensation in VW cheating scandal

LVMH to focus on eyewear market with Marcolin deal

French family-owned luxury giant LVMH have taken a 10% stake in spectacle maker Marcolin as it looks to tighten its grip on the eyewear market.

The news comes just one week after another family-owned eyewear group, Luxottica, and its French rival Essilor agreed to a €46 billion ($49 billion) merger to combat increasing competition from large luxury players, such as LVMH.

FB Roundup: Goya Foods, Walmart, and Volkswagen

January 6, 2017

Goya Foods donates 10,000 pounds of food per month to Catholic diocese; Walmart Reaches Deal With Visa to End Credit-Card Ban in Canada; and Volkswagen Group says ‘auf wiedersehen’ to official language

Goya Foods donates 10,000 pounds of food per month to Catholic diocese

Goya Foods, the largest Hispanic-owned food company in the United States, has revealed it will donate 125,000 pounds of food to an agency dedicated to serving the less fortunate in northern New Jersey.

Based in Jersey City, Goya Foods will send 10,000 pounds of food each month to Catholic Charities of the Archdiocese of Newark, which will distribute the goods to Hudson, Bergen, Essex and Union counties.

FB Roundup: Chaebol crisis, Hancock Prospecting, and Volkswagen

December 9, 2016

Park Geun-hye impeached over chaebol corruption; Australia's richest woman Gina Rinehart to buy Kidman estate; and EC is suing member states over VW diesel scandal

Park Geun-hye impeached over chaebol corruption

South Korean legislators have voted to impeach president Park Geun-hye following revelations that the country’s chaebol conglomerates handed over tens of millions of dollars in exchange for political favours.

Park, who was nicknamed the ‘chaebol sniper’ for her anti corruption sentiment, is now at the centre of a scandal involving a mysterious friend, Choi Soon-sil, who is accused of extorting millions from the very establishments she set out to tackle.

Embattled Volkswagen tries to change gear and triple profits

November 22, 2016

Family controlled automaker Volkswagen wants to become the world leader in manufacturing electric cars in its bid for environmentally friendly redemption.

Family controlled automaker Volkswagen wants to become the world leader in manufacturing electric cars in its bid for environmentally friendly redemption.

The unveiling this week of its corporate shake-up for the next decade and beyond coincided with more repercussions from its diesel emissions-cheating scandal in 2015. The beleaguered German car group is owned by the third-generation Porsche and Piëch families.