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NOTEBOOK


Idemitsu Kosan and Tata Steel in wave of family mergers


The hot streak of multi-billion dollar mergers and acquisitions among major family businesses


this year shows no signs of cooling with separate integrations involving Japan’s oil family Idemitsu and India’s steel family Tata. Idemitsu Kosan, Japan’s second-largest oil


wholesaler, controlled by the founding Idemitsu family, finalised a deal in October to buy out fourth- ranked Showa Shell Sekiyu through a share swap in an agreement worth $5.6 billion. The company will be launched in April 2019 and led by Idemitsu president Shunichi Kito (62) with representation rights on the board split between the two former entities. Meanwhile, the Indian-owned Tata Steel and


German-owned Thyssenkrupp signed a joint venture (JV) between the European steel activities of both companies in June. The new 50-50 venture is to be named Thyssenkrupp Tata Steel and will have 48,000 workers and €15 billion ($17.5 billion) in sales. The JV was hailed as a “momentous step in the


history of our company” by Tata. The companies complemented each other in customer supply, values and “technologically advanced, differentiated


4 CAMPDENFB.COM $5.6


billion from Idemitsu


Kosan for Showa Shell Sekiyu


$17.5 billion


value in sales for new


Thyssenkrupp Tata Steel


$18.7 billion


from JAB


Holding Co for Dr Pepper Snapple


products”. The merger would help to achieve greater economies of scale and make it easier to compete successfully on a global stage, Tata said. Tata Steel employs 21,000 people


in Europe and European sales were €7.9 billion in the year to March 2018. There were 10 million tonnes of steel delivered from Tata’s main European hubs in Ijmuiden in the Netherlands and Port Talbot in Wales. The mergers and acquisitions of


such blue chip oil and steel family businesses follow significant buy-outs by the Luxembourg-based JAB Holding Company, which mainly controls the wealth of Germany’s reclusive Reimann family. JAB announced in February it will buy the US soft drink maker Dr Pepper Snapple for $18.7 billion, and merge it with coffee pod producer Keurig Green Mountain, which JAB bought in 2015. US retail giant Walmart, owned by the Walton family, announced in May the $10 billion “combination” of its UK subsidiary Asda with rival chain Sainsbury’s to create the country’s largest grocer by market share. In June, third-generation British


family owned Pentland Group added a US footwear chain Finish Line to its sporting retail portfolio in a reported $558 million (£396 million) acquisition via subsidiary JD Sports.


PHOTOGRAPHY: PRESS ASSOCIATION, ALAMY


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