Fambiz Newsflash

Mustafa Koc dies; Foxconn aims for Sharp; Walmart ups wages; Rocket raises cash; Bonnier offloads newspaper

A Walmart truck. Image: Walmart. 

A Walmart truck. Image: Walmart. 

Mustafa Koç, the head of Turkey’s biggest family-run conglomerate, has died of a heart-attack aged 55. Mustafa’s grandfather started the family firm with just $8 in the 1920s. The group had revenues of $31bn in 2014 and its companies comprise a fifth of the value of the Turkish stock exchange. (FT)

Hon Hai, the family-owned firm founded by Terry Gou and better known as Foxconn, is in talks to buy Japanese electronics firm Sharp for $3.5bn. Foxconn is the third-biggest IT firm in the world, with revenues of over $100m. (BBC)

Walmart, controlled by the Walton family, has announced that it is to increase wages for its lowest-paid employees to $10 an hour. The raise affects 1.1 million people. Unions say that as the company makes so much money, staff should get at least $15. (WSJ)

Rocket, the German internet start-up incubator run by the Samwer brothers, has raised $370m of outside investment for a fund that will invest in new companies. Rocket floated in 2014, but has since lost two-thirds of its value. (Business Insider)

The Bonnier family, who own one of the biggest media companies in Scandinavia, are to sell Denmark’s leading business newspaper, Børsen, to JP/Politikens Hus for DKK 800m. They have owned the newspaper, which has a circulation of 48,000, since 1969. The family-owned business, which was founded in 1804, is increasingly moving towards digital media. (Press release)

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