BMW Shareholder Quandt Dies

Johanna Quandt, who along with her two children controlled nearly 47% of BMW AG shares, died Monday at age 89. Her net worth has been estimated at €10.5 billion.

Her death won't affect the family's stake in the Munich-based carmaker, a spokesman tells Bloomberg News.

Quandt inherited a 16.7% stake in BMW when Herbert, her husband of 22 years, died 1982. He is credited with saving the nearly bankrupt company in 1959 by hiking his stake in BMW to 50%, thereby deflecting a takeover bid by Daimler AG. BMW has since become the world's largest maker of luxury cars.