BMW's Major Shareholder Dies At 89

Johanna Quandt, one of Germany's richest women and a major shareholder of BMW has passed away. She was 89 years old.

A German news agency has reported that Quandt passed away in her home on Monday and the cause of death was not given.

Quandt took over responsibilities on the board of BMW after her husband passed away in 1982. Quandt, along with her children Stefan Quandt and Susanne Klatten, inherited substantial stakes in the company.

Her responsibilities in BMW were passed over to her children in 1997.

Quandt was very well known for helping children with cancer, supporting journalists and funding scientific research.