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Otto returns to family ownership

Mail order group Otto is back in family hands after chairman Michael Otto bought back the 25% stake held by publishing group WAZ.

Otto is reported to have paid around €1 billion (£747 million) for the stake.

Financial Times Deutschland said that there had been a dispute between Otto and WAZ over WAZ's entitlement to profits which had prompted the sale.

WAZ bought the stake from Michael Otto's father, Werner Otto, in the early 1960s. The capital raise helped to fund Otto's expansion. The group is the second largest etailer in the world after Amazon.

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