Billionaire Lufthansa Investor Thiele Dies Aged 79
Berlin, (UrduPoint / Pakistan Point News - 24th Feb, 2021 ) :German billionaire Heinz Hermann Thiele, the biggest shareholder in Lufthansa airline, died Tuesday aged 79, announced Knorr-Bremse, the company through which he built his fortune.
Derided as a "caveman capitalist" by trade unions and dubbed a "patriarch" by others, Thiele had become Lufthansa's largest shareholder last year with a 15.5 percent stake.
He battled with Germany's government last June, making no secret of his scepticism about plans for the state to take a 20 percent stake in Lufthansa in exchange for a huge rescue package to keep it afloat during the pandemic.
But on the eve of the crucial vote, managers at Lufthansa heaved a sigh of relief as Thiele said he would back the bailout to avoid insolvency.
Married with two children, Thiele trained as a lawyer and started out in 1969 in the patents office at brakes manufacturer Knorr-Bremse.
Factory staff worked for 42 hours per week rather than the 35 typical elsewhere in the sector, forging the core of Thiele's wealth.