BMW heir seeks exemption from takeover bid rule

Frankfurt

STEFAN Quandt has asked German regulator Bafin to excuse him from takeover rules that otherwise could force him to make an offer to buy the whole of BMW, a spokesman for the Quandt family told Reuters on Tuesday.

Following the death of BMW shareholder Johanna Maria Quandt last week, a 16.7 per cent voting stake in the German carmaker has been passed on to her two children.