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BMW Heir Asks for Exemption to Required Takeover Bid Rule
A member of the Quandt family, which owns nearly 47% of BMW AG, has asked Germany's BaFin regulatory agency to be exempted from making an offer to acquire the entire company.
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A member of the Quandt family, which owns nearly 47% of BMW AG, has asked Germany's BaFin regulatory agency to be exempted from making an offer to acquire the entire company.
Stefan Quandt's 17.4% stake rose to more than 34% upon the death last week of his mother, Johanna Quandt. She bequeathed a 16.7% voting stake jointly to Stefan and his sister Susanne Katten, who previously owned 12.5% of the company.
Under German law, a shareholder whose equity climbs above 30% must offer to buy the company.
A family spokesman notes Johanna's death did not change the size of the family's stake. He adds that Stefan's holding will drop below 30% after a final distribution of Johanna's holding is completed.
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