Business

Belgian billionaire Albert Frere has died at age 92

03 of December 2018

FILE - In this Wednesday, Sept. 3, 1997 file photo, Albert Frere, chairman of PetroFina S.A., center, Francois Cornelis, left, vice chairman and CEO of PetroFina S.A., and Richard Grasso, chairman of the New York Stock Exchange, pose in front of the exchange in New York. Albert Frere, the industrialist who became one of Belgium’s richest people during more than a half-century of deal-making, has died at age 92, his GBL group said in a statement Monday Dec. 3, 2018. (AP Photo/Emile Wamsteker, File),FILE - In this Wednesday, Sept. 3, 1997 file photo, Albert Frere, chairman of PetroFina S.A., center, Francois Cornelis, left, vice chairman and CEO of PetroFina S.A., and Richard Grasso, chairman of the New York Stock Exchange, pose in front of the exchange in New York. Albert Frere, the industrialist who became one of Belgium’s richest people during more than a half-century of deal-making, has died at age 92, his GBL group said in a statement Monday Dec. 3, 2018. (AP Photo/Emile Wamsteker, File)

BRUSSELS (AP) — Albert Frere, the industrialist who became one of Belgium’s richest people during more than a half-century of deal-making, has died at age 92, according to his GBL group.

Starting out in the scrap metal sector, his relentless business drive turned him into one of Europe’s most important businessmen until he retired three years ago.

The company said in a statement Monday that “under his leadership, GBL became one of the largest holdings in Europe.”

Belgian media said he was the nation’s fourth-richest people with an estimated fortune of over 6 billion euros ($7 billion).