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VEM |
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Merckle's holding company, VEM, which encompassed outfits such as generic drugmaker Ratiopharm and HeidelbergCement, was in trouble after Merckle lost hundreds of million of euros speculating on VW shares, while the downturn caused HeidelbergCement shares to plunge. Mr Merckle owned a controlling stake in VEM Vermogensverwaltung, the holding company of Phoenix and a number of firms, including German generic drugs business Ratiopharm, another of its interests reportedly on the sale block. Under the terms of the agreement, which Merckle himself had been negotiating prior to his suicide near his home late Monday, his VEM group said it has secured a bridging loan from a consortium of lenders. |
VEM |
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