Billionaire Businessman Adolf Merckle Commits Suicide At Age 74

Frankfurt, Germany (AHN) - One of the world's wealthiest men, German billionaire Adolf Merckle, struggling to salvage his business empire affected by the global economic crisis, has given up and killed himself.

Family members said in a statement Tuesday that Merckle had been hit by a train in the southwestern town of Ulm. His family had reported him missing before his body was found, and he left a suicide note, according to reports.

"The financial troubles of his companies, induced by the international financial crisis and the uncertainty and powerlessness to act independently which the financial problems brought about, broke the passionate family business man, and he took his own life," his family wrote in the news release.

Those financial troubles had dropped Merckle to number 94 on Forbes 2008 list of the world's rich with a net worth of $9.2 billion, which was down from the number 44 spot in 2007 when he was worth $12.8 billion.

Merckle, 74, had lost hundreds of millions of dollars, including company capital, in a series of bad investments, despite the diversity of his business interests.

His empire included such businesses as cement-maker HeidelbergCement, generic drug-maker Ratiopharm, investment arm VEM Vermoegensverwaltung GmbH and stakes in drug wholesaler Phoenix Pharmahandel AG.

Merckle had petitioned the state government of Baden-Wuerttemberg for financial assistance, but was rejected. He had entered bailout talks with several German banks.

Shares of HeidelbergCement AG dropped value in trading on news of Merckle's suicide, increasing chances the company will be sold, according to reports.

Merckle is survived by his wife, Ruth, and four children. Funeral arrangements have not been announced.