Australia

The third-generation of Australia’s Grollo family is set to take over the management of the family business, as second-generation and family patriarch Bruno Grollo is retiring from the development and construction company his father founded 60 years ago.

The company, which is still 100% owned by the founding family and intends to remain private, is best known for building some of Melbourne’s tallest buildings including the Eureka Tower and Rialto Towers.

Family-controlled Coopers Brewery says it will become the largest Australian-owned brewer once a planned takeover of rival Foster’s is completed.

Foster’s, the maker of VB and Crown Lager, has agreed to an offer worth AUS$9.9 billion (€7.2 billion) from London-based brewer SABMiller, producer of Grolsch and Miller Lite.

Although it only controls 4% of the market, the Foster's takeover should make Coopers, which will enter its 150th year in 2012, the biggest Australian brewery.

Fairfax Media, the Sydney-based publishing and broadcasting company, announced a return to profit in the last year when it released its financial results on 27 August.

Fairfax made a profit after tax of AUD$282 million (€197 million) for the year ending June 2010, compared with a loss of AUD$380 million for the same period in 2009. The company also said it has reduced its net debt by AUD$347 million.

With the transfer of wealth to the next generation of Asians underway and growing interest from highly-taxed western families, the region's financial centres are rushing to court family offices, writes Paul Golden.

The relatively high percentage of first generation wealth creators in Asia has heightened awareness of family office services across the continent, with the major financial centres keen to promote themselves as the location of choice for these aspiring dynasties.