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Carmaking dynasty tightens grip on the wheel of Porsche

June 18, 2013

The Piech and Porsche families, descendents of the founders of the eponymous carmaker, have reasserted their control over Porsche's holding company.

On 17 June the families reached an agreement with Qatar Holding – the investment division of Qatar's sovereign wealth fund – to buyback the 10% voting stake in Porsche SE that was sold in 2009. The value of the transaction has not been disclosed.

Family business roundup: Headline results

May 3, 2013

Good results news for Estee Lauder, MasTec, Marriott, McGraw Hill and Loblaw, tough times for Loews and Volkswagen.

Estee Lauder (2 May)
Estee Lauder, the skin care company controlled by the eponymous family, announced 2% sales increases for the third quarter of 2013 to $2.29 billion (€1.7 billion).

But profits rose dramatically to $178.8 million, as the group's restructuring efforts of the past couple of years began to deliver cost savings.

Family business roundup: Ford family transfers stock, Saputo buys back shares and Murdoch loosens his grip – slightly

March 1, 2013

The families behind a number of high-profile businesses have reorganised their shares recently, with the Fords transferring stock to family trusts and Rupert Murdoch selling some of his voting shares at News Corp.

Ford
Bill Ford, fourth-gen executive chairman of the eponymous carmaker, has transferred some of his class B voting stock into trusts set up for his children for estate and planning purposes.

Ferdinand Piech: Putting succession on the backburner?

November 14, 2012

Ferdinand Piech, chair of family-controlled Volkswagen, has hinted he could stay at the carmaker for another five to seven years, despite being 75 years old.

In April, VW shareholders voted for Piech to serve a third term as chairman, to end in December 2016. But in an interview with German newspaper Bild am Sonntag last week, Piech, whose family holds a majority stake in VW, said he wanted to stay around longer to support chief executive Martin Winterkorn.

Signed and sealed – VW to buy rest of Porsche

July 5, 2012

After months of analysis and speculation, shares of family-controlled carmaker Porsche will be integrated into the Volkswagen Group, in a move that will boost VW’s results by almost €10 billion.

In a statement issued on 4 July, Germany company VW said it will pay the Porsche holding company €4.46 billion and one ordinary share of VW in return for the 50.1% stake in Porsche it doesn’t already own.

Following the integration – to be completed by 1 August – VW will own 100% of Porsche.

Family business roundup: Profits down at Ford, up at America Movil, Fiat and VW

April 28, 2012

Ford Motor Company, the US carmaker controlled by the founding Ford family, saw its profits plummet during the first three months of 2012, while three other family businesses have posted strong quarterly results.

Piech family tightens control at Volkswagen

March 13, 2012

Germany’s Volkswagen needs to ensure there is enough external influence to steer the family business through tough times, following a move by the Piech family to rein in control of the carmaker.

That’s according to Albrecht Enders, professor of strategy and innovation at Swiss-based business school IMD, who was commenting after Volkswagen proposed Ursula Piech, wife of chairman Ferdinand Piech, join the automaker's board.

Profile: German family businesses

March 4, 2012

Family businesses are the driving force of Germany’s economy and behind much of its success as the second biggest exporter in the world. CampdenFB takes a look at some of the leading German family businesses in an interactive graphic.

Family businesses are the driving force of Germany’s economy and behind much of its success as the second biggest exporter in the world. They come in all shapes and sizes and include two of the country’s iconic car makers, Volkswagen and BMW.

But many of them are the famed Mittelstand companies – small and mid-sized firms, controlled by the founder or the founder’s family, that drive forward Germany’s economy, which is Europe’s largest.

Family business roundup: Profits up at VW, ABF and Sabanci, down at Moller-Maersk

February 28, 2012

It’s been a good week for three of Europe’s biggest family businesses, although Denmark’s Moller-Maersk Group has been hit by “voltatile markets”.

German carmaker Volkswagen said revenues jumped 25.6% to €159.34 billion in 2011, from €126.88 billion in 2010.

Suzuki begins arbitration against Volkswagen

November 24, 2011

Family-controlled carmaker Suzuki has started arbitration proceedings against Volkswagen, as it aims to end its alliance with the German group by buying back its shares.

The arbitration, which will take place in London, follows Volkswagen’s “lack of response to Suzuki’s requests for the disposition of its shares” either back to the company or a third party, according to a statement issued by Japan’s Suzuki.