Michael Schmidt-Ruthenbeck
Michael Schmidt-Ruthenbeck | |
|---|---|
| Born | 1942 (age 81–82) |
| Nationality | German |
| Occupation(s) | 16% owner, Metro AG |
| Relatives | Rainer Schmidt-Ruthenbeck (brother) |
Michael Schmidt-Ruthenbeck (born 1942) is a German billionaire businessman, together with his brother Rainer, owner of 16% of the retail group Metro AG.[1]
Early life
[edit]He is the son of Wilhelm Schmidt-Ruthenbeck and Vera Ruthenbeck.[2] His brother is Rainer Schmidt-Ruthenbeck and his sister is Viola Schmidt-Ruthenbeck.
Career
[edit]In the 1990s his family founded the Stiftung Mercator,[3] the Mercator Schweiz and the Karl Schmidt Family Foundation.[1]
In February 2006 Michael ousted Reiner from the managing director position at Metro AG. Sometime in 2006 (likely September) the family holding company sold its share of Metro AG from 18.54% to 13.15%.[4]
In August 2007 Otto Beisheim was the victim of a boardroom coup when the Haniel family interest acquired more capital than they had already in Metro AG; together with the Schmidt-Ruthenbeck family holding they held a majority share and Beisheim was frozen out of control.[5]
Schmidt-Ruthenbeck and Metro AG were investigated by the Competition Bureau in 2008 for some reason of concentration (probably some sort of merger with Franz Haniel & Cie.) but the Bureau decided not to proceed.[6]
In September 2011, Haniel owned 34 percent of Metro AG; the Schmidt-Ruthenbeck family owned 16%. CEO Eckhard Cordes feared for his job.[7]
On the Forbes 2016 list of the world's billionaires, he and his brother were ranked #722 with a net worth of US$2.4 billion.[2]
In 2019 it was reported that Cambiata Schweiz was owned by Michael Schmidt-Ruthenbeck and his family.[8]
In 2020 it was revealed that the Schmidt-Ruthenbeck holdings in Metro AG were controlled via the Meridian Foundation mechanism. The family was then engaged is a boardroom tussle with the Czech investor Daniel Kretinsky, who on 21 January controlled 29.99% of the shares. Another significant holding was that of the Beisheim Group.[9]
In October 2022 the Schmidt-Ruthenbeck family was the object of a curiosity seeker. Apparently Michael had invested in a solar PV plant.[10]
Personal life
[edit]He lives in Duisburg, Germany.[2]
References
[edit]- ^ a b "Michael & Reiner Schmidt-Ruthenbeck". Forbes Media LLC. Retrieved 8 April 2023.
- ^ a b c "The World's Billionaires (2016 ranking): #722 Michael & Reiner Schmidt-Ruthenbeck". Forbes. 1 March 2016. Retrieved 2 January 2017.
- ^ "GUIDING VISION". Stiftung Mercator. Retrieved 8 April 2023.
- ^ "manager magazin Online: Familienkrach im Gesellschafterkreis der Metro AG". SPIEGEL-Verlag Rudolf Augstein GmbH & Co. KG. 8 September 2006.
- ^ "Der Coup der Haniels". Frankfurter Allgemeine Zeitung GmbH. 20 September 2007.
- ^ "Non-opposition to a notified concentration (Case COMP/M.4920 — Haniel/Schmidt-Ruthenbeck/Metro)". No. Document 32008M4920. Eur-Lex. 15 January 2009.
- ^ "Schmidt-Ruthenbeck family backs Metro CEO -magazine". Reuters. 18 September 2011.
- ^ "The Swiss-based family office of one of Europe's wealthiest families". Family Capital. 13 March 2019.
- ^ Storbeck, Olaf (21 January 2020). "Metro's family shareholders lift stake as Kretinsky circles". THE FINANCIAL TIMES LTD.
- ^ Banje, Sonja (7 October 2022). "Der rätselhafte Klimamilliardär". manager-Gruppe.
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