Banks swoop to sell UK interests of German mogul who killed himself

Tom Bawden

Banks moved swiftly yesterday to put up for sale the UK operations of Adolf Merckle, the German billionaire who committed suicide on Monday night amid the collapse of his empire. Phoenix Group, owner of the thirdlargest drugs distribution business in Britain and the 500-store Rowlands pharmacy chain, will go on sale with an estimated value of up to €6 billion (£5.4 billion). The sale is one of several conditions demanded by the creditors of the late German industrialist in return for a €400 million bridging loan to keep his holding company afloat. He owned a controlling stake in VEM Vermogensverwaltung, Phoenix's holding company. Ludwig Merckle, one of Adolfs sons, will also step down frpm...