UPDATE 2-Merckle group to sell Ratiopharm in deal with banks

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* Merckle group gets 400 mln euros bridging loan - sources

* Investment company VEM says Ratiopharm to be sold

* Ludwig Merckle to no longer head VEM

(Rewrites following VEM statement)

FRANKFURT, Jan 7 (Reuters) - The family holding company of dead German tycoon Adolf Merckle got a long-awaited bridging loan from banks on Wednesday, in a deal that will force it to sell Ratiopharm, the world's fourth-largest generic drugs maker.

The family's VEM Asset Management investment vehicle said its creditor banks had transferred the bridge loan after weeks of tough talks. Financial sources had earlier told Reuters the loan was for 400 million euros ($545 million).

"We are very happy to have found a solution," VEM head Ludwig Merckle, one of Adolf's four children, said in a statement.

The loan, which buys the family time to work out a broader restructuring of the business empire which Merckle built up over the last 40 years, comes less than two days after he threw himself in front of a train.

In addition to Ratiopharm the Merckle family controls HeidelbergCement (HEIG.DE) and drug wholesaler Phoenix as well as a diverse portfolio of other business investments which helped put Merckle in the ranks of the world's wealthiest people.

Under the accord a trustee named by VEM and its banks will guide the sale process for Ratiopharm, which has annual sales of around 1.8 billion euros, in cooperation with Ratiopharm management.

Ludwig Merckle will also have to step down as VEM head as part of the deal with banks, the statement said.

Shares in HeidelbergCement, in which the Merckle family holds about 80 percent, were up 4.7 percent at 32.60 euros.

"This (loan) could of course provide some relief amongst HeidelbergCement investors after all that back and forth in the past weeks, " one trader said.

Banking sources have previously said the family had lost hundreds of millions of euros on investments, including 400 million euros on Volkswagen (VOWG.DE) shares last year -- when short sellers of the carmaker's shares were caught out by a surprise stakebuilding announcement from Porsche (PSHG_p.DE).

HeidelbergCement also took on loads of debt to buy British rival Hanson for nearly $16 billion in 2007, putting pressure on its owners to provide fresh capital as markets soured. ($1=.7425 euros) (Reporting by Frank Siebelt and Philipp Halstrick and Christoph Steitz; Editing by Greg Mahlich)