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FB Roundup: Srichand Parmanand Hinduja, Jeff Bezos, Sam Bankman-Fried

November 14, 2022

In this week’s FB Roundup, the billionaire Hinduja brothers call a truce on their family feud: Jeff Bezos pledges to give most of his money to charity; and Sam Bankman-Fried’s net worth is decimated after FTX crashes.

Billionaire Hinduja brothers call a truce on family feud
The India-born Hinduja brothers, Britain’s richest family, have agreed a truce in a long-running feud over the future of their family’s global business empire following revelations that the battle “Marginalised” the dementia care of its billionaire patriarch.

From Vincent Massey to Ed Rogers: Canada’s history of family firm feuds rivals Succession

November 26, 2021

In 1925, Vincent Massey, the scion of one of the wealthiest families in Canada, did something that Ed Rogers today would find unthinkable. He quit.

In 1925, Vincent Massey, the scion of one of the wealthiest families in Canada, did something that Ed Rogers today would find unthinkable.

He quit.

Massey (pictured below right) was the fourth-generation heir to his family’s Massey-Harris farm equipment company, then already well on its way to becoming Canada’s first truly global firm. Despite this, Massey decided that his future lay not in tractors, but in public service and philanthropy. He later became governor general of Canada.

FB Roundup: Rogers Communications, Associated British Foods, CK Infrastructure Holdings

November 15, 2021

Rogers Communications won’t challenge court ruling on family boardroom battle, Primark-owning Weston family plans overseas expansion, Li Ka-shing family bets on Bamford’s green hydrogen fund.

Rogers Communications won’t challenge court ruling on family boardroom battle

The Rogers family behind their eponymous $24 billion Canadian telecoms giant has been embroiled in a damaging public feud which could jeopardise a $26 billion merger with fellow family-controlled telecom company Shaw Communications.

FB Roundup: Birkenstock, Hancock Prospecting, L’Oreal

February 13, 2021

Arnault family’s L Catterton in rumoured Birkenstock takeover bid, Mining magnate Gina Rinehart backs lithium venture, Rocketing e-commerce powers L’Oreal recovery.

Arnault family’s L Catterton in rumoured Birkenstock takeover bid

Birkenstock, the sixth-generation family-owned business and the German footwear industry’s largest employer, could be the next $4.8 billion acquisition by the Arnault family’s private equity firm.

FB Roundup: James Murdoch, Musgrave Group and Henkel

January 16, 2020

Next gen James Murdoch’s burning rift with father’s media empire, revamped Musgrave Group snaps up drinks distributor and the World Economic Forum hails Henkel as frontrunner in the fourth industrial revolution.

Next gen James Murdoch’s burning rift with father’s media empire

James Murdoch, heir of Rupert Murdoch, has publicly criticised his family’s media empire for climate change denial as lethal bushfires blaze in Australia.

When family business direction is in dispute

May 22, 2018

Disagreements within a family business are potentially ruinous and this is especially true where two competing family interests own 50% each as the ensuing indecision can paralyse decision making and action can either be blocked or stalled.

Family business round up: Schaeffler, Lotte, Lundin

October 9, 2015

Schaeffler finally lists on stock exchange following delays due to VW scandal; Lotte family feud goes to court; Lundin tries to woo investors on merger.

Schaeffler debuts on stock market following delays

Family-owned car parts company Schaeffler saw its shares rise 8% on its market debut on Friday.

The German family business delayed the IPO one week due to the emissions scandal at Volkswagen, which accounts for more than 10% of group sales.

The company had also scaled back the size of the IPO, raising €938 million in the listing where it had initially planned to raise €2.5 billion.

Shareholders back daughter over father in Japanese family business feud

March 30, 2015

Investors have backed the second-generation chief executive of Otsuka Kagu in a feud with her father, who wanted her ousted from the family business.

Investors have backed the second-generation chief executive of Otsuka Kagu in a feud with her father, who wanted her ousted from the family business.

Kumiko Otsuka, 47, succeeded her father to the helm of the Japanese furniture retailer in 2009, and has been attempting to give the company more mass market appeal in order to compete with brands like Ikea.

However, her father, company founder Katsuhisa Otsuka, has accused her of taking the firm down market.

Market Basket ousts second-gen president

June 25, 2014

US grocery chain Market Basket has chosen not to re-elect second-generation chief executive Arthur T DeMoulas following a longstanding feud over the direction of the family business.

US grocery chain Market Basket has chosen not to re-elect second-generation chief executive Arthur T DeMoulas following a longstanding feud over the direction of the family business.

In a statement, the board, chaired by DeMoulas’s cousin and rival Arthur S Demoulas, said the 58-year-old would “not retain any management responsibilities moving forward”.

Market Basket, founded initially as a small grocery store in 1917, has annual revenues of more than $4 billion (€2.9 billion) and employs 21,000.

Next gens’ Bumi Twitter spat could linger online for years to come

March 27, 2014

The nature of the Internet means online insults traded between two family business next gens, Aga Bakrie and Nat Rothschild, could resurface in Google searches and due diligence for years to come, even after the media storm surrounding it has died down, say family business experts.

This week the Indonesian family behind Bakrie Group formally separated itself from its ill-fated natural resources group Bumi (now renamed Asia Resource Minerals) it co-founded in 2010 with Nat Rothschild, of the English branch of the famous banking dynasty.