Restructuring of Obi parent Tengelmann continues

The German trading group Tengelmann, parent company of Germany's DIY market leader Obi, is relocating its corporate headquarters from Mülheim an der Ruhr to Munich, the company has announced. It explains that the relocation is a part of a reorientation of the parent company as strategic holding which started more than two years ago. Background: a few weeks ago, Christian Haub (57), sole director of Tengelmann Holding since 2018, purchased the shares of the line of his brother Karl-Erivan Haub who had died in an accident. He has now come to an agreement with his brother Georg (59) concerning their long-term cooperation with each other in the family company. Christian Haub controls around two thirds of the shares, Georg Haub around one third. Christian and Georg Haub are also said to be working on plans for a generational change at Tengelmann.