BMW Influence
Castiglioni significantly influenced the development of BMW AG in its early years. The granting of a license agreement by Austro-Daimler to the Rapp-Werke in 1917 was partly attributable to Castiglioni. 1918 At Castiglioni's insistence the Wiener Bankverein (Vienna) acquired the majority of BMW's share capital. 1922 Castiglioni purchased all the equipment relating to engine construction, the associated know-how and the rights to the name "Bayerische Motoren Werke AG" from the BMW AG, which was renamed Süddeutsche Bremse AG. Castiglioni in turn renamed the Bayerische Flugzeugwerke to BMW AG and allowed the renamed company to continue production at the BFW plant. From the establishment of BMW AG until November 9, 1922 and then from 1924 to 1929, he was a member of the Supervisory Board and President of BMW AG. 1928 Deputy Chairman of the Supervisory Board.
His was one of the voices that urged BMW in 1928 to purchase the Eisenach Automobilwerke. Due to financial difficulties in 1929 he was obliged to surrender his holding of BMW shares to a consortium of banks (Deutsche Bank, Disconto, Bankhaus Hagen etc.).
A consortium led by the Deutsche Bank and the Diskonto-Gesellschaft purchased the BMW shares previously held by Camillo Castiglioni, who was facing problems of liquidity.
Read more about this topic: Camillo Castiglioni
Famous quotes containing the word influence:
“Constitutional statutes ... which embody the settled public opinion of the people who enacted them and whom they are to govern—can always be enforced. But if they embody only the sentiments of a bare majority, pronounced under the influence of a temporary excitement, they will, if strenuously opposed, always fail of their object; nay, they are likely to injure the cause they are framed to advance.”
—Rutherford Birchard Hayes (1822–1893)