A German billionaire, Adolf Merckle (German "Warren Buffett"), has committed suicide after his business empire, which included interests ranging from pharmaceuticals to cement, ran into trouble in the global financial crisis, his family said Tuesday.
The 74-year-old threw himself in front of a train at Blaubeuren in southwestern Germany.
Merckle was the world’s 94th richest man according to Forbes, and Germany’s fifth.
Merckle's business interests included the generic drug maker Ratiopharm International and the cement maker HeidelbergCement. His holding company, VEM Vermoegensverwaltung, recently had been in talks with banks to secure credit after its business interests ran up high levels of debt, and also lost value amid the global financial crisis.
In addition, the holding company recently said it had suffered heavy losses on shares of the automaker Volkswagen, which fluctuated wildly last fall as fellow car maker Porsche moved to increase its stake in the company. It is reprted that that Merckle lost 500 mln euro shorting Volkswagen shares (& got caught up in the short squeeze).
Age: 74
Fortune: inherited and growing
Source: drugs
Net Worth: $12.8 bil
Residence: Manheim , Germany, Europe & Russia
Industry: Pharmaceuticals
Marital Status: married, 4 children
Education: Bachelor of Arts / Science
Doctor of Jurisprudence
Developed Bohemian grandfather's chemical wholesale company into one of Germany's largest pharmaceutical wholesaler, $26 billion (sales) Phoenix Pharmahandel, in which he holds 57% stake. Also owns generic drugmaker Ratiopharm Group and is investor in Heidelberg Cement, one of the world's leading cement producers. Also has stakes in companies that make all-terrain vehicles, software systems, textiles and cane sugar. Avid skier, mountain climber. Supports foundation that restores, maintains artworks.
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