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Family business roundup: Adelson, Uniqlo, and Mahindra

Adelson family confirms ownership of Las Vegas newspaper; Uniqlo Operator Fast Retailing closes $2 billion bond market debut; and Indian family business Mahindra purchases Pininfarina

Adelson family confirms ownership of Las Vegas newspaper

Billionaire casino mogul Sheldon Adelson has been revealed as the new owner of The Las Vegas Review-Journal.

The 82-year-old purchased the newspaper for $140 million but has been met with widespread criticism for a lack of transparency after keeping the acquisition secret.

The Adelson family said they refrained from announcing their ownership of The Las Vegas Review-Journal to avoid distracting from the Republican presidential debate.

"We did not want an announcement to distract from the important role Nevada continues to play in the 2016 presidential election," the family statement read.

Adelson rose from modest beginnings to 15th position on the Forbes 400 list and is estimated to be worth about $25 billion.

Casinos owned by Adelson made profits of $3.8 billion last year as revenue increased to a record $14.6 billion.

Uniqlo Operator Fast Retailing closes $2 billion bond market debut

Fast fashion retailer Fast Retailing, owned by billionaire Tadashi Yanai, has sold a 250 billion yen ($2 billion) bond in its first public debt offering.

The sale to institutional investors included 100 billion yen of five-year notes that priced at 0.291 percent. 

According to Bloomberg, the sale is the biggest public offering to domestic institutional investors by Japanese company in the fiscal year beginning April.

Tadashi Yanai grew his father’s Ube City roadside tailor shop into one of the world’s largest retailers. Uniqlo is its most well known brand.

Yanai’s two sons, Kazumi and Koji, are group senior vice presidents, although no formal succession plans have been outlined.

The billionaire opened 200 new stores in the year ending August 2015, increasing his overall network to 820 stores.

Fast Retailing had revenues of $13.6 billion in 2014.

Indian family business Mahindra purchases Pininfarina

Indian automaker Mahindra & Mahindra, owned by the eponymous family, has completed its long predicted purchase of Pininfarina.

The Italian design house, famous for shaping every Ferrari product from the mid-1950s until the LaFerrari, has had a decade of financial troubles. The deal will spare it from financial ruin.

"They're paying Pininfarina's lenders, paying shareholders and injecting money into the company, all while keeping the brand and jobs in Italy," a source close to Mahindra told Reuters.

Pininfarina's debt stood at €52.7 million euros at the end of June.

The business was founded by Battista "Pinin" Farina in 1930 and is responsible for designing some of Ferrari’s most iconic cars, including the Berlinetta Boxer and Ferrari enzo.

Mahindra & Mahindra is India’s largest maker of sports utility cars and is headed by third-generation Anand Mahindra.

The firm posted revenues of $16.7 billion in 2013.

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