Germany’s billionaire Merckle family has won an extension of bridge financing from its banks, buying more time to complete an evaluation of its assets in preparation for a sale.
“The contract has been signed by all parties,” Vivien Kremer, a spokeswoman for Merckle’s VEM Vermoegensverwaltung GmbH, said in a telephone interview late yesterday.
VEM is one of Merckle’s investment holdings that control HeidelbergCement AG and Ratiopharm GmbH.
Merckle’s VEM agreed with more than 30 banks on an extension and EUR400m ($537m) credit until the end of May after the original standstill expired on March 31, two people familiar with the talks said. Source: Bloomberg