Hageda Joins Phoenix Pharma Wholesale
German drug wholesaler Hageda AG is to be absorbed entirely within the Phoenix drug wholesale operation run by Adolf Merckle, which has held a majority stake in Hageda since June this year. Merckle has a 30% share of the German drug wholesaler market through the Phoenix grouping.
Hageda reported a loss of 14.7 million Deutschemarks ($9.2 million) in 1993 plus a 1992 loss which brought the total carried forward to 25 million marks.
The Phoenix group now consists of Reichelt AG (20.2%), Otto Stump AG (15.8%), Ferd Schulze GmbH (44.2%) Hageda (12.4%) and Stumpf (7.4%). Merckle has a share of over 25% in all these companies. Each company is set to report higher sales in 1994, but Phoenix is not obliged to publish accounts; its sales are thought to be some 7 billion marks and it is said to be profitable.
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