Klaus-Michael Kuehne’s death signals the end of a swashbuckling dealmaking era for the German tycoon’s empire while transferring his $49 billion fortune to a low-key Swiss foundation.

As part of a longstanding succession plan, Kuehne’s portfolio spanning shipping, aviation, chemicals and real estate will ultimately be owned by the Kuehne Foundation, making it one of Europe’s largest.

The transition marks a rare moment in European business where a major industrial fortune moves not to family heirs but to a charitable foundation with ties to logistics and sustainability initiatives.

The Kuehne Foundation, based in Switzerland, has historically supported education, science and environmental causes, suggesting a new stewardship model for one of Germany’s most prominent business legacies.