• Germany edition
 
Hundreds of great job opportunities for foreign professionals at Germany's top employers - in cooperation with Monster, Experteer, Stepstone, and CareerBuilder.
What
Where
3,720
jobs available
Find English-speaking professionals with The Local.
Advertise a vacancy
Late billionaire Merckle agreed to sell Ratiopharm
Photo: DPA

Late billionaire Merckle agreed to sell Ratiopharm

Published: 07 Jan 2009 16:08 CET

The maker of generic medication will be sold off as part of a restructuring deal to pay off bad investments in carmaker Volkswagen and the impact of global financial crisis, Merckle’s investment vehicle VEM said on Wednesday.

“To create a sustainable financial structure for the group, the Merckle family and banks reached an agreement to sell the generics maker,” VEM said said in a statement.

Merckle, one of Germany’s richest men, brought his corporate empire to the brink of ruin late last year as he short-sold shares of VW just as Porsche announced it held far more of the carmaker than was believed. The panic sparked by Porsche’s announcement made VW temporarily one of the world’s most expensive companies and cost Merckle hundreds of millions of euros.

The industrialist then began negotiations with as many as 30 banks on a rescue plan that includes a €400 million bridge loan to keep his companies solvent. In addition to Ratiopharm, Merckle’s family owns drug distributor Phoenix Pharmahandel and nearly 90 percent of HeidelbergCement.

Ratiopharm is Germany’s biggest and most well-known generic drugmaker and has been valued at as much as €6 billion. The company had sales of €1.8 billion in 2007 and employs 5,400 worldwide. It was a popular target of speculation several years ago during a round of consolidation among Europe’s generic drugmakers.

Merckle committed suicide by stepping in front of a train near his home outside of Ulm on Monday. According to Forbes magazine, he had a total net worth last March of $9.2 billion (€6.9 billion).

“The plight of his firms caused by the financial crisis, the uncertainties of recent weeks as well as the powerlessness of not being able to do anything, broke this passionate family businessman,” the Merckle family said in a statement released on Monday.

The Local (news@thelocal.de)


Don't miss...X
Left Right

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Your German Career
Germany's Federal Employment Agency has identified the job sectors the country is most short of workers for. JobTalk looks at where the vacancies lie.
Students at German universities have shown themselves to be a risk-free lot in a survey by Ernst & Young. The civil service is their most popular choice of future profession, while job security is valued above all else.
Jenny Core, originally from Bolton, England, shares her tips in this week’s My German Career on being an artist in Berlin. The 27-year-old exhibits her work regularly in the city, including next to a Turner Prize shortlister.
In this week's JobTalk, Tanya Schober, who is originally from India, talks us through her journey to German citizenship.
In this week's My German Career, Anupama Gopalakrishna, who is originally from Bangalore in India, tells The Local about her new life in Frankfurt.
In this week's My German Career, US pastor Jeff Ingram, 54, talks about life in the church and the advantages as well as the downside of Germany's desire for order.
German Employment News
Germany’s Labour Minister Andrea Nahles has given her backing to an anti-stress law, announcing a study into workers' mental health on Tuesday.
Germans could foot the bill for unemployment benefits in other European countries under an EU plan to tax the union's richest states.
What do Germans do in their spare time? More and more of them are working a second job, according to one study. Is work no longer paying enough and can your boss stop you taking a second job?
More young people are choosing university degrees over vocational training, leaving firms scrambling to find qualified new hires.
Despite the ease of work visa regulations for non-EU citizens with certain job qualifications, few potential immigrants are taking advantage.
Stress at work is resulting in more German employees than ever before stopping work before they reach retirement age, a new study shows. So what are the main triggers to watch out for?

Assistant for distribution process management
You will be working in conjunction with our wholesale retailer partners and will be responsible for managing and distribution process of various consumer products. As an effective assistant for distribution process management you will organize product delivery to domestic and international customers, ensure that our clients will receive excellent service experience that we are known for.
FULL JOB AD »

IT Officer (Hardware/Networking)
VFS TasHeel, leaders in Visa Processing and Delivery, is looking for an IT Officer (Frankfurt Office) who will be primary responsible for User Level Support of all VFST/VASCO systems
FULL JOB AD »

NonStop Recruitment Ltd
hesse
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Schuberth Group
sachsona
Careerbuilder
Added 08/29/14

Altigi GmbH Goodgame Studios
hamburg
Careerbuilder
Added 08/29/14

Da Vinci Engineering
bawu
Careerbuilder
Added 08/29/14