FB Roundup: Heineken, Fininvest, Nathan Cummings Foundation

Heineken brews acquisition of South African group Distell

Family-owned Heineken, the world’s second-largest brewer, could buy a controlling stake in a single South African wine and spirits company for $ 1.8 billion, making the deal its second acquisition in 2021.

The fourth-generation Dutch brewer confirmed last week that it was in talks with Distell Group Holdings over a “potential transaction”. Discussions of $ 23.7 billion added to brewers were ongoing and there was no certainty that a deal would be made.

Heineken was responding to advice from Distell to its shareholders. Distell told its shareholders that Heineken has contacted the Western Province-based company about the potential acquisition of most of its business. He did not specify which components.

“Shareholders are urged to exercise caution when trading their Distell securities until a further announcement is made,” said Distell.

Founded in 2000, Distell is the only South African owned and operated alcoholic beverage company and the leading African producer and distributor of wines, spirits, ciders and ready-to-drink beverages. Markets outside South Africa contribute almost a quarter of its turnover.

In April, Heineken recorded “strong growth” in Africa, as well as the Middle East, Eastern Europe and Asia-Pacific, with 12.1% growth in its first quarter 2021 results. The recovery contrasted with “modest growth” in the Americas and a “decline” in Europe due to Covid-19 restrictions.

If the Distell deal goes through, it would follow Heineken’s increase in its minority stake in London-based start-up Brixton Brewery to 100% for an undisclosed amount after just four years in February.

Charlene de Carvalho-Heineken (photo), 66, owns a 23% stake in the Amsterdam-based brewing giant with her husband, English financier Michel de Carvalho, 76. The Sunday Times Rich List 2021 from 2020 with their fortune of $ 17 billion, up $ 2.4 billion from last year.

De Carvalho-Heineken is the great-granddaughter of Gerard Adriaan Heineken, who bought a brewery in Amsterdam in 1864. The law graduate inherited the Heineken stake upon the death of his father, Freddy Heineken (pictured), at age 78 in 2002.

Heineken employs more than 80,000 people and operates breweries, malt houses, cider houses and other production facilities in more than 70 countries.

Fininvest of the Berlusconi family leaves Mediobanca

Fininvest, the Italian holding company of the Berlusconi family, left the Italian investment bank Mediobanca, the cornerstone of its empire, in a reshuffle of its portfolio.

Mediobanca announced last week that Fininvest had sold its entire stake in the bank, which amounted to 17.7 million shares, or 2% of the company’s share capital. Fininvest made 211 million dollars during its divestment.

The holding company said the transaction was part of a readjustment of its financial investment portfolio. The Rome-based company bought a 1% stake in Mediobanca in 2007, then doubled it in 2008. Its exit leaves the bank’s largest shareholder, at 13.2%, like Leonardo Del Vecchio, 86. Del Vecchio made his fortune of $ 28.4 billion. EssilorLuxottica, the Ray-Ban sunglasses that create the family business he founded.

Fininvest has invested over $ 25.5 billion over the past 15 years, primarily in communications and entertainment. The company has been chaired by Marina Berlusconi (photo), 54, since 2005. The 12-person board of directors includes her brother Pier Silvio Berlusconi, 52.

She is also president of Arnoldo Mondadori Editore, the largest Italian publishing house majority-owned by Fininvest, since 2003. She was a member of the board of Mediobanca from 2008 to 2012.

Marina Berlusconi is the eldest daughter of Silvio Berlusconi (pictured), 84, the colorful Italian media mogul, former prime minister of four governments until 2011, and his first wife Carla Elvira Lucia Dall’Oglio, 80.

Silvio Berlusconi founded Fininvest as a family business in 1975. The company has played a vital role in building the family fortune, which amounts to $ 8.2 billion, according to Forbes. Fininvest is the holding company of one of the world’s leading communications groups, which includes Mediaset, Italy’s largest commercial broadcaster; Mondadori, the country’s largest publishing house, and AC Monza football club. Fininvest held AC Milan for 31 years until Berlusconi sold its stake in the football club to Chinese investor Rossoneri Sport Investment Lux under a $ 901 million deal in 2017.

Fininvest subsequently welcomed investors in its main listed companies – Mediaset, Mondadori and Mediolanum – and now has more than 133,000 shareholders, from small investors to Italian and global financial and industrial entities.

Nathan Cummings Foundation calls for racial equality in impact investing

The first fourth-generation family member to lead the Nathan Cummings Foundation said she wanted the New York-based philanthropic institution to apply a “racial equity lens” when it first went to the hospital. impact investment three years ago.

President Jaimie Mayer (photo), 38, said the foundation opened up about what it had learned from its transition to a 100% mission-aligned investment in its new report released this month. Mayer is the great-granddaughter of the late Cummings (pictured), a Canadian-born American businessman, investor, art collector and philanthropist who founded Consolidated Foods, later renamed Sara Lee after the one of its products.

The 72-year-old private foundation, with an endowment of $ 500 million, made the decision in 2018 to activate all of its resources, not just its grants, in the service of its social mission. The trip was more difficult than its directors and officers anticipated and also more rewarding, said Mayer.

The foundation said it had started aligning its investments with its values ​​by analyzing what was in the portfolio and then shifting its assets from “doing harm” companies to companies actively seeking to profit. large stakeholders and those meeting the even higher bar of help. solve systemic challenges. However, “we wish we had applied a racial equity lens first,” Mayer said.

“We discovered the hard way that racial and economic justice are not yet integrated into impact investing like environmental and governance factors are.”

This week marks the first anniversary of the murder of African American George Floyd by a white policeman, which brought racism and racial equality to the fore in the world.

To close the impact gap, the foundation commissioned research, included in its report, on how to transfer capital to funds and communities often bypassed by Wall Street. The foundation’s research partner, Frontline Solutions, interviewed 115 directors of external investments (OCIOs), the companies that typically manage the assets of small and medium-sized foundations.

Only a small subset of OCIO has a clear mandate to examine the diversity of fund managers they seek, the foundation said. Even among impact investors, too few OCIOs integrate racial, economic or environmental justice into their investment approach.

The foundation also found that various investment professionals face significant disadvantages in the market, often because they don’t have as much experience as their white peers.

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