Abilio Diniz died on Sunday at the age of 87. He was a member of the board of directors of the company.
He owned 8.83% of the shares of the group. The company is based in Rio de Janeiro, Brazil, but has offices in London and New York, among other places. It is the second-largest company in Brazil, after Brazil's state-owned oil company Petrobras. The group also owns stakes in several other European countries, including Germany, France and Spain.