World

Peter Wallenberg, patriarch of Swedish business empire, dies at 88

  • FILE - In this April 13, 2013 file photo Sweden's Peter Wallenberg attends the Ericsson Annual General Meeting in Stockholm. Peter Wallenberg, the former head of a Swedish financial dynasty sometimes compared to the Rockefellers, has died. He was 88. Wallenberg died Monday Jan. 19, 2015 at his home on the island of Varmdo, outside Stockholm, the family foundation said in a statement. (AP Photo/TT News Agency, Magnus Hjalmarson Neideman) SWEDEN OUT

    FILE - In this April 13, 2013 file photo Sweden's Peter Wallenberg attends the Ericsson Annual General Meeting in Stockholm. Peter Wallenberg, the former head of a Swedish financial dynasty sometimes compared to the Rockefellers, has died. He was 88. Wallenberg died Monday Jan. 19, 2015 at his home on the island of Varmdo, outside Stockholm, the family foundation said in a statement. (AP Photo/TT News Agency, Magnus Hjalmarson Neideman) SWEDEN OUT  (The Associated Press)

  • FILE - This Oct. 26, 2003 file photo, shows Peter Wallenberg in Stockholm. Peter Wallenberg, the former head of a Swedish financial dynasty sometimes compared to the Rockefellers, has died. He was 88. Wallenberg died Monday Jan. 19, 2015 at his home on the island of Varmdo, outside Stockholm, the family foundation said in a statement. (AP Photo/TT News Agency, Mark Earthy) SWEDEN OUT

    FILE - This Oct. 26, 2003 file photo, shows Peter Wallenberg in Stockholm. Peter Wallenberg, the former head of a Swedish financial dynasty sometimes compared to the Rockefellers, has died. He was 88. Wallenberg died Monday Jan. 19, 2015 at his home on the island of Varmdo, outside Stockholm, the family foundation said in a statement. (AP Photo/TT News Agency, Mark Earthy) SWEDEN OUT  (The Associated Press)

Peter Wallenberg, the former head of Sweden's most powerful financial dynasty, has died. He was 88.

A statement from the family foundation says Wallenberg died Monday at his home on the island of Varmdo, outside Stockholm. The cause of death wasn't released.

The Wallenberg family, whose business empire dates back to the 19th century, holds large stakes in major Swedish companies, including home appliance maker Electrolux and wireless equipment maker Ericsson, through holding company Investor AB.

Peter Wallenberg was chairman of Investor from 1982 until 1997. He also served on the board of Ericsson, Electrolux, Atlas Copco and other Swedish companies.

He is survived by his two sons, Jacob and Peter, and daughter Andrea. Funeral arrangements weren't immediately announced.