One of Germany's most powerful business leaders, Klaus-Michael Kühne, has passed away at the age of 89. The billionaire was, among other things, a major owner of Lufthansa, writes Handelsblatt.

Klaus-Michael Kühne was Germany's second richest person with an estimated fortune equivalent to around 400 billion kronor.

Through his holding company, he controlled just over 50 percent of the logistics and freight giant Kuehne Nagel, which has a market capitalization of SEK 300 billion. Since 2002, he has also been the largest individual owner of the airline group Lufthansa, with just over 20 percent of the shares.

Klaus-Michael Kühne had no children and a few years ago he transferred his assets to a foundation in Switzerland.

Source: DI.SE