German billionaire Adolf Merckle, who was in talks with banks to save his troubled industrial empire, has died from suicide.
The 74-year-old was hit by a train near his home town of Blaubeuren, southeast of Stuttgart, yesterday evening.
His family confirmed today that the tycoon had taken his own life.
Mr Merckle was listed as the world's 36th richest man three years ago, with assets estimated then at over €8bn, but that had more recently fallen to about €6.8bn.
However, he also suffered major losses on Volkswagen shares last year, forcing him into talks with banks to save his industrial empire.
Mr Merckle developed his Bohemian grandfather's chemical wholesale company into Germany's largest pharmaceutical wholesaler, Phoenix Pharmahandel AG, in which the Merckle Group held a 57% stake.
Phoenix has sales of about €16bn annually.
The family also owns generic drug maker Ratiopharm Group.
He and his family had more recently become big investors in Heidelberg Cement, one of the world's leading cement producers, and have stakes in companies that make all-terrain vehicles, software systems, textiles and cane sugar.
Late last month, Mr Merckle had taken a first step out of a financial crisis triggered by losses in speculative share trading.
His VEM holding company said he had reached a deal with 40 banks giving him a short reprieve from repaying loans which were due at Christmas.
Talks on a new bridging loan and 'sustainable' refinancing were due to close in January.
But it appeared likely that Mr Merckle would have to pledge as collateral some or all of his assets, which included 80% of Heidelberger Cement, all of Ratiopharm and Phoenix.
