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The Financial Times reports that Karl Albrecht, co-founder of the Aldi discount chain and reputedly Germany’s richest man, has passed away. He was 94.

Karl Albrecht founded Aldi with his lkate brother, Theo, in 1961, and, FT writes, "a year later they split the business, Karl taking southern Germany with Aldi Süd, and Theo the north with Aldi Nord. Later they divided other European and world markets. Aldi Nord took northern and western Europe. Aldi Süd had the Alpine countries, eastern Europe and English-speaking nations."

The story notes that "Theo left most of his fortune and control of Aldi Nord to a family foundation that bears the name of their parish. Aldi Süd said Karl Albrecht, who retired from management 20 years ago, had as long ago as 1973 left his wealth and control of Aldi Süd to a family foundation. It is named Siepmann, his mother’s maiden name."
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