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February 5, 2008

The Nolet family, owner of the successful super-premium Ketel One brand and Diageo, the world’s leading premium drinks company, have agreed to form a new 50/50 company, which will own the exclusive global rights to sell, market and distribute Ketel One vodka.

The Nolet family, owner of the successful super-premium Ketel One brand and Diageo, the world's leading premium drinks company, have agreed to form a new 50/50 company, which will own the exclusive global rights to sell, market and distribute Ketel One vodka. Diageo has agreed to pay $900 million for its 50% equity interest in the newly-formed company, which will be based in the Netherlands.

January 28, 2008

Financial results unveiled by family-owned drinks firm Pernod Ricard have been described as “historic” by the group’s chairman and CEO, Patrick Ricard, a second-generation member of the France-based family.

Financial results unveiled by family-owned drinks firm Pernod Ricard have been described as "historic" by the group's chairman and CEO, Patrick Ricard (pictured), a second-generation member of the France-based family.

Consolidated net sales for the period 1st July–31 December 2007 increased by 5.9% to €3.7 million. The company identified the growth as resulting from outstanding organic growth, the loss in value of the US dollar, and its disposal of the Rich & Rare business.

January 25, 2008

An acquisition by a leading member of one of India’s most powerful business-owning families has thrust a fractious sibling relationship back into the limelight.

An acquisition by a leading member of one of India's most powerful business-owning families has thrust a fractious sibling relationship back into the limelight.

Mukesh Ambani (pictured), chairman and managing director of Reliance Industries, the giant petrochemical manufacturer, has won an auction to be part of a major revolution in the game of cricket. The Board of Control for Cricket in India has sold the rights to eight teams in a newly created Indian Premier League, which will showcase the shortened Twenty20 version of the game.

January 25, 2008

The Otto family has regained all the shares of its mail-order company, the Otto Group.

The Otto family has regained all the shares of its mail-order company, the Otto Group. The family’s investment vehicle has taken over newspaper publisher E Brost & J Funke from the other shareholders, and therefore the remaining 25% in Otto.

Thomas Voigt, spokesperson of Dr Michael Otto (pictured), who is chairman of the supervisory board, said: “Running the Otto Group as a family business enables us to follow a long term strategy to the advantage of the group, without the need to constantly deliver short term results as is the case with quoted companies.”

January 24, 2008

Bowing to demands from business leaders and investors, Britain’s chancellor of the exchequer, Alistair Darling, has announced concessions to the sweeping reforms that were planned for Capital Gains Tax in the UK.

Bowing to demands from business leaders and investors, Britain's chancellor of the exchequer, Alistair Darling (pictured), has announced concessions to the sweeping reforms that were planned for capital gains tax in the UK.

Billing the climb-down as "entrepreneurs' relief", Darling said the compromise will affect business owners when they sell their business. He said the relief would also be open to employees and company directors who own at least a 5% stake in a qualifying company.

January 23, 2008

A €1.1 billion offer from cosmetics giant L'Oréal to acquire Yves Saint Laurent Beauté, owned by fellow family-owned firm PPR, has been agreed.

A €1.1 billion offer from cosmetics giant L'Oréal to acquire Yves Saint Laurent Beauté, owned by fellow family-owned firm PPR, has been agreed.

The luxury goods retailer will retain control of the YSL and Boucheron brands but their perfumes and cosmetics will be made by L'Oréal. L'Oréal will also have responsibility for the same branches of the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands.

January 22, 2008

Ultra high net worth individuals in the US are more likely to be attracted to multi-family offices than traditional wealth managers, according to new research.

Ultra high net worth individuals in the US are more likely to be attracted to multi-family offices than traditional wealth managers, according to new research.

US-based consultancy Cerulli Associates estimates traditional wealth managers have lost up to 3% of their share of UHNW clients to multi-family offices in the past few years.

According to the research, the top multi-family office in the US is Bessemer Trust, a New York-based office with approximately $48.3 billion of assets under management.

January 21, 2008

Two of the world’s most powerful media families have joined forces once again to make an offer for Australian firm Consolidated Media Holdings.

Two of the world's most powerful media families have joined forces once again to make an offer for Australian firm Consolidated Media Holdings. Lachlan Murdoch, the eldest son of Rupert, and James Packer (pictured), CMH's executive deputy chairman, have launched a 50/50 joint venture to acquire 100% of the firm for $4.06 per share.

CMH owns a stake in subscription television business FOXTEL, sports channel FOX Sports and online employment business SEEK. Consolidated Press Holdings, the Packer family's private company, currently owns 38% of the firm.

January 18, 2008

Li Ka-shing, head of family-owned conglomerate Hutchison Whampoa, has topped a new list of the 40 wealthiest people in Hong Kong with an estimated fortune of $32 billion.

Li Ka-shing (pictured), head of family-owned conglomerate Hutchison Whampoa, has topped a new list of the 40 wealthiest people in Hong Kong with an estimated fortune of $32 billion. Li's wealth has soared from $22 billion last year due to rising property prices, which has lifted the development industry to new heights.

Many other families firms also feature in the list, which has been published by Forbes. Raymond, Thomas and Walter Kwok, the brothers who own development firm Sun Hung Kai Properties, came in second with $24 billion.

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