Et is quite possible that the expulsion will follow less than a year after the alliance. Tengelmann managing director and majority shareholder Christian Haub wants to take sole control of the family business and throw out his brother Georg Haub as a shareholder. An extraordinary shareholders’ meeting is scheduled for September 23, as Christian Haub’s lawyer, Mark Binz, told the “Lebensmittelzeitung”. Attempts to reach an agreement after numerous arguments failed, most recently at the shareholders’ meeting at the end of June. Binz confirmed the process at the request of the FAZ “I don’t think we can get an agreement before September 23,” he said.
In essence, it is about the fact that Georg Haub brought an action for annulment at the end of last year before the district court in Munich, which was accepted in February. The minority shareholder is resisting a decision to liquidate reserves of around 1.2 billion euros. With his share of 800 million euros, Christian Haub wants to refinance the second installment of the purchase price for the widow and children of his missing brother Karl-Erivan Haub. After a long dispute, Christian Haub bought the shares in Tengelmann from the tribe last year, which made him the majority owner with a stake of around 69 percent.
Christian Haub then wanted to look ahead with his other brother Georg and just announced the closing of ranks last September. “Our common goal is for Tengelmann to continue successfully as a family business now and in the next generation,” said Georg Haub at the time. The family is one of the richest in Germany, with companies such as the clothing chain Kik, the Obi DIY stores and numerous real estate and company investments, Tengelmann achieves a good 8.3 billion euros in sales a year.
With the extraordinary shareholders’ meeting, Christian Haub is now increasing the pressure on his brother Georg. If he were excluded, he would no longer have any shareholder rights and would initially have to waive his minimum withdrawal right of at least 7 million euros a year and his share of the reserve distribution of around 375 million euros. At least until that is legally overturned by a court.
