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Germany

January 31, 2012

The family behind German drugstore chain Schlecker has lost its multi-billion-euro fortune and will be unable to put in money to revive the family business.

The family behind German drugstore chain Schlecker has lost its multi-billion-euro fortune and will be unable to put in money to revive the family business.

That’s according to second-generation Meike Schlecker, who said in a statement that “there are no significant funds [with the family] anymore that could have helped the company”.

January 18, 2012

As the interminable death throes of Greece’s euro membership continue, discussion has centred on the uneasy relationship that the Greeks appear to have with truth and probity (And how this contrasts with the upright, scrupulously honest Germans). 

As the interminable death throes of Greece’s euro membership continue, discussion has centred on the uneasy relationship that the Greeks appear to have with truth and probity (And how this contrasts with the upright, scrupulously honest Germans).

November 30, 2011

A new study by consulting firm Booz & Co says that wealth managers in Switzerland could lose as much as €41 billion as a result of a tax crackdowns by the UK and German governments.

A new study by consulting firm Booz & Co says that wealth managers in Switzerland could lose as much as €41 billion as a result of a tax crackdowns by the UK and German governments.

Based on interviews with senior wealth management experts in Switzerland, the report also said that private banks will also lose around €1 billion in revenues as clients with offshore assets start withdrawing their money.

But some reckon that the tax treaties signed with the UK and Germany will benefit the Swiss financial sector in the long run.

October 26, 2011

One of Europe's biggest logistics companies is grooming the management skills of the sons of the two brothers who run the business. Rashmi Kumar asks whether the German company has struck upon the perfect succession plan.

Felix and Jens Fiege could easily be Europe’s poster boys of next- generation family business success.

Cousins Felix and Jens are the fifth generation of the Fiege family to work at the eponymous business, set up more than a century ago by their great-great-grandfather Joan Joseph Fiege in the small town of Greven in the German state of North Rhine-Westphalia.

May 5, 2011

The Quandt family, who control the world’s best-selling luxury carmaker BMW, will be buoyed by the news that the German automobile company reported record sales for the first quarter of 2011, with operating profit rising four times to €1.9 billion.

The Quandt family, who control the world’s best-selling luxury carmaker BMW, will be buoyed by the news that the German automobile company reported record sales for the first quarter of 2011, with operating profit rising four times to €1.9 billion.

In a statement on 5 May, Munich-based BMW said that revenues for the first quarter increased by 28.9% to €16.03 billion, up from €12.44 billion for the same quarter last year. Its operating profit also quadrupled, with record sales across all its brands.

March 28, 2011

Family-owned industrial group Schaeffler moved to bolster its financial strength, with the announcement on 28 March that it plans to increase its direct stake in car parts maker Continental, which it acquired in 2008, while also reducing its debt through the sale of shares.

Family-owned industrial group Schaeffler moved to bolster its financial strength, with the announcement on 28 March that it plans to increase its direct stake in car parts maker Continental, which it acquired in 2008, while also reducing its debt through the sale of shares.

March 7, 2011

Hamburg-based Berenberg Bank says it has seen a surge of money coming in from family offices and businesses as it reports record results for 2010.

Hamburg-based Berenberg Bank says it has seen a surge of money coming in from family offices and businesses as it reports record results for 2010.
 
The bank, which works with many of Germany’s Mittelstand companies, said that it scooped up an additional 1,000 clients last year – many of them from family offices and businesses – as Berenberg grew assets under management by €3.6 billion to €25.5 billion.
 

February 24, 2011

Family-controlled German carmakers, Porsche and Volkswagen, announced on 23 February that their planned merger may not happen this year due to pending legal issues.

Family-controlled German carmakers, Porsche and Volkswagen, announced on 23 February that their planned merger may not happen this year due to pending legal issues.

The two carmakers had previously revealed plans to merge by the second half of this year, but unresolved legal issues relating to a failed takeover of VW by Porsche in 2008 are likely to delay the merger.

January 13, 2011

Turin and Wolfsburg might not have much in common at first glance, writes David Bain.

Turin and Wolfsburg might not have much in common at first glance, writes David Bain.
 
For one thing, Wolfsburg is in Germany and has a population of just over 100,000, whereas Turin is in Italy with nearly one million inhabitants. It's probably also fair to say that the temperament of each other's citizens might have little in common.  
 
But there is one thing that unites both of these towns – car making.
 

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