The German billionaire family Oetker, known for the giant group Dr.
Oetker, has decided to split up the family business.
The company announced this on Thursday.
The move follows years of bumbling within the family about the company's strategy.
Oetker is best known in the Netherlands for its frozen pizzas and baked goods.
The group is divided among the descendants of one of Germany's largest entrepreneurs and icon of the economic miracle: Rudolf August Oetker, also known as the 'pudding king'.
After his death in 2007, eight descendants from three different marriages each owning 12.5 percent of the multi-billion dollar company battled over strategy.
These descendants are divided into two camps: a camp around August Oetker, the eldest son from the second marriage of the 'pudding king', and Alfred Oetker, the eldest son from the third marriage.
August Oetker stepped down as CEO of the group in 2010 and remained chairman of the board of directors until 2019.
During that time, he twice refused to promote Alfred, against the wishes of his late father.
That's one of the reasons the conflict is running so high.
Until Thursday then, when Dr. Oetker announced that he was splitting up. The part we know the company most about (and rake in the most money) - the frozen pizzas and baked goods - goes to the August Oetker camp. The group around Alfred Oetker continues with wine subsidiary Henkell & Co., the chemical factory Budenheim and the hotels of the Oetker Hotel Management Company. They also get their hands on the art collection of the 'pudding king'.