Heidelberg Cement magnate throws himself under train

The industrialist who headed up the business empire that owns Hanson and its parent Heidelberg Cement has killed himself, having been “broken” by the financial crisis.

Adolf Merckle, who was Germany’s fifth richest man, is reported to have died after being struck by a train in south-west Germany.

Merckle lost millions betting that Volkswagen shares would drop shortly before Porsche announced an investment that trebled the share price.

At the time of his death Merckle had been attempting to refinance loans linked to his family. The details are unknown but the situation will leave Hanson and Heidelberg Cement in an uncertain financial state. Shares in all of Merckle’s companies dropped on news of his death.

There is speculation that Merckle’s own holding in Heidelberg Cement could be taken over by banks as collateral for his debts, leaving the fate of the other shareholders, and the materials giant itself, uncertain.

In a statement Heidelburg Cement said: “It is with great shock that we have learned about the death of Dr Adolf Merckle.

“As a shareholder and member of the Supervisory Board he had very close ties with our company for many decades. Dr. Merckle actively accompanied and marked the dynamic development of Heidelberg Cement from a medium sized southern German cement company to one on of the world’s largest building materials producers.

“We owe him a lot of respect and thanks.”