FRANKFURT (Reuters) -- Stefan Quandt has asked German regulator BaFin to be excused from takeover rules that otherwise could force him to make an offer to buy the whole of BMW, a spokesman for the Quandt family told Reuters on Tuesday.
Following the death of BMW shareholder Johanna Maria Quandt last week, a 16.7 percent voting stake in the German carmaker has been passed on to her two children.
As a result, Stefan Quandt's voting stake in BMW has increased to 34.19 percent, above a 30 percent threshold which triggers a compulsory takeover offer under German rules.
"Stefan Quandt lodged a request for an exemption with the regulator [Monday]," the family spokesman said.
BaFin declined to comment on the BMW share package, explaining that the regulator never comments on individual cases. However, a spokeswoman said that it was possible to gain an exemption from making a mandatory takeover offer if share packages have changed hands through divorce, inheritance or via a gift between close family members such as a spouse.