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Family business roundup: Fiat edges closer to closing Chrysler deal; Coty launches IPO

June 14, 2013

Exor's Fiat is close to reaching a refinancing deal, while Joh A Beckiser's cosmetics company Coty launched an IPO.

Fiat
Fiat, the Italian carmaker controlled by the Agnelli family's Exor, is getting close to completing a refinancing deal that would allow it to take full control of US-based Chrysler.

Chief executive Sergio Marchionne is due to sign an agreement with nine banks as soon as 21 June to refinance €1.95 billion in Fiat credit, according to two anonymous sources close to the matter.

Europe’s great family dynasties come together for a deal

June 3, 2013

Italy’s Agnelli family has sold its stake in inspection and verification business SGS to Belgium’s richest man Baron Albert Frere, in a deal that underlines the links between some of the world’s wealthiest business families.

The Agnelli-controlled holding group Exor banked a €1.5 billion net gain on the sale of its 15% stake in SGS to Groupe Bruxelles Lambert, which is controlled by Frere and the French-Canadian Paul Desmarais and his family.

Family Business roundup: Growth for News Corp; big profit drops elsewhere

May 10, 2013

Revenue and profit figures for a number of big family businesses show parts of the global economy are still affected by weak demand, but News Corp posted a big profit rise.

Bharti Airtel (2 May)
India-based telecommunications company Bharti Airtel had a difficult 2012 according to their full year results. Revenue increased 12% to Rs 803.1billion (€11.3 billion) but net profit fell 47% to Rs 22.8 billion – its lowest profit figure for seven years.

Family business roundup: Growth for Remy Cointreau, JCB, LVMH, DKSH; profits dip at Exor

April 19, 2013

A number of European family businesses post good results, including Remy Cointreau and LVMH. But profits take a hit at Exor.

Remy Cointreau
Remy Cointreau – controlled by the Heriard Dubreuil family – said revenue was up 16.3% to €1.2 billion in its financial year the end of March. It is its second year in a row of double-digit growth, after achieving revenue growth of 13% in fiscal 2011.

Family business roundup: L'Oreal and Exor make big share moves

February 13, 2013

Two European family empires are making alterations to their share conditions this week. The Agnelli family’s Exor plans to switch preference and saving shares to ordinary ones, and L'Oreal is to spend €500 million buying back shares following a rise in net sales.

Two European family business empires are making alterations to their share conditions this week. The Agnelli family’s Exor plans to switch preference and saving shares to ordinary ones, and L'Oreal is to spend €500 million buying back shares following a rise in net sales.

Exor
Exor, the Italian holding company that controls Fiat, said on 11 February that it had decided to convert its preference and saving shares into ordinary shares.

Family business roundup: Exor and Genting post profit falls, Pernod Ricard and Ferragamo earnings up

August 30, 2012

It has been a week of contrasting fortunes for Italian family businesses as Exor’s half-yearly profits plummeted while Ferragamo’s rose significantly.

It has been a week of contrasting fortunes for Italian family businesses as Exor’s half-yearly profits plummeted while Ferragamo’s rose significantly. Meanwhile, France's Pernod Ricard reported an increase in full-year earnings and Malaysian investment group Genting Berhad posted lower quarterly profits.

Elkann’s ‘family business focus’ behind Samsung nomination

May 10, 2012

The decision by Exor, the company behind Italian carmaker Fiat, to nominate Samsung heir Lee Jae-yong to its board is “linked” to chairman John Elkann’s “clear determination to develop close relationships” with other family businesses.

Exor to buy stake in Rothschild

April 18, 2012

Exor, a holding company controlled by Italy’s Agnelli family, will buy a stake in the Rothschild Group, making good its announcement earlier this month that it will focus on taking “minority stakes” in strong businesses.

A spokeswoman for Exor confirmed to CampdenFB that the company, chaired by family member John Elkann, is looking to buy shares in Paris Orleans, the holding company of the Rothschild Group.

Elkann: Exor will focus on large investments

April 12, 2012

Exor, the Italy-based holding company controlled by the Agnelli family, is to focus on its large investments, rather than seek smaller assets.

In a letter to shareholders, family member and Exor chairman John Elkann said: “We want to reduce the number of small investments in order to concentrate on a few larger ones.”

Family-controlled Exor reports huge jump in profits

August 31, 2011

Family-controlled Exor, the parent company of Italian car manufacturer Fiat, expects its massive €460.1 million jump in six-month profits to be followed by strong results for the last half of the year, according to a company spokesman.