German billionaire kills himself

ULM, Germany, Jan. 6 (UPI) -- A German billionaire beset by business reversals, committed suicide by letting a train hit him, his family said.

Adolf Merckle died Monday in Ulm, CNN reported.

Merckle, 74, had a net worth estimated at $9.2 billion and was No. 94 on the most recent Forbes list of the richest people in the world. He recently lost hundreds of millions of dollars in a bad bet on shorting Volkswagen stock.

His family said he was trying to negotiate a bailout with banks after being rejected for government assistance.

"The financial troubles of his companies, induced by the international financial crisis and the uncertainty and powerlessness to act

independently which the financial problems brought about, broke the passionate family business man, and he took his own life," his family said in a statement.

Merckle's family reported him missing Monday. Later in the day, a railway worker found his body on the tracks.

Merckle inherited a pharmaceutical wholesaling company from his grandfather and turned it into one of the largest in Germany, Phoenix Pharmahandel. He also owned Rationpharm, a generic drug-maker and a majority interest in Heidelberg Cement.