Ratiopharm owner Adolf Merckle takes his own life

German billionaire entrepeneur Adolf Merckle, who owns generics firm Ratiopharm and Germany's biggest drug wholesaler Phoenix Pharmahandel,  and who had offered his drug empire as collateral on a loan extension  from 40 banks that he is unable to repay on time due to the world  financial crisis, took his own life, his family has said.

In a statement, the family said that the financial crisis caused  economic hardship turning Mr Merckle into "a broken man," and confirmed  that he had committed suicide. He was hit by a train near his home in  Blaubeurne on the evening of January 5, it was stated.