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German billionaire Joachim Herz, part-owner of Tchibo, dies in accident

Joachim Herz, one of the owners of German retailer Tchibo and one of the world’s 500 richest people, has died. He was 66.Herz died on Saturday as a result of a swimming accident in Atlanta, Georgia, where he lived most of the time, a spokesman for Tchibo said, confirming earlier reports.

The German businessman owned 15 percent of holding company Maxingvest, which owns Tchibo as well as a majority stake in Beiersdorf AG., the MDAX-listed maker of Nivea skin creams.

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