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Billionaire Lufthansa investor Thiele dies aged 79

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/afp/02/24/heinz-hermann-thiele.jpg"/><figcaption>In this file handout photo taken dated June 2020 and released by Knorr-Bremse AG on June 25, 2020 shows majority shareholder and Honorary Chairman of the Supervisory Board at Knorr-Bremse AG, Heinz Hermann Thiele, posing for a photo. German billionaire Heinz Hermann Thiele, the biggest shareholder in airline Lufthansa, died on Febriary 23, 2021 aged 79, announced Knorr-Bremse, the company through which he built his fortune.</figcaption></figure></div><p>BERLIN - 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.</p><p>Thiele, a rail industry tycoon and one of Germany&#x27;s richest men, died &quot;surrounded by his family in Munich&quot;, Knorr-Bremse said in a statement.</p><p>Derided as a &quot;caveman capitalist&quot; by trade unions and dubbed a &quot;patriarch&quot; by others, Thiele had become Lufthansa&#x27;s largest shareholder last year with a 15.5 percent stake.</p><p>He battled with Germany&#x27;s government last June, making no secret of his skepticism 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. </p><p>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.</p><p>Married with two children, Thiele trained as a lawyer and started out in 1969 in the patents office at brakes manufacturer Knorr-Bremse. </p><p>In the 1980s he saved the company from bankruptcy in a loan-backed buyout, transforming it into a market leader for rail and heavy truck brakes.</p><p>Factory staff worked for 42 hours per week rather than the 35 typical elsewhere in the sector, forging the core of Thiele&#x27;s wealth.</p><p>Last year, Forbes magazine estimated his net worth at around 15 billion euros ($18.2 billion). </p><p>Beyond the business world, Thiele also attracted headlines with controversial remarks on politics and international relations.</p><p>He once told Manager magazine that Russian President Vladimir Putin &quot;may not be an exemplary democrat but is a very competent politician&quot;.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/05/20/lufthansa-warns-of-further-restructuring-costs-in-q4">Lufthansa warns of further restructuring costs in Q4</a></li>	<li><a href="https://news.abs-cbn.com/business/03/03/20/top-airlines-scrap-flights-as-coronavirus-saps-demand">Top airlines scrap flights as coronavirus saps demand</a></li></ul><p>© Agence France-Presse</p><div><strong>FROM THE ARCHIVES</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/Z4efauWbp48?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>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.<br /> </p>

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.