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Linde, Praxair eye merger close this year after European sale

July 10/2018

MOSCOW (MRC) - German industrial gases company Linde and peer Praxis are hoping to seal their merger this year, after agreeing to sell Praxairs European gases business to Japanese rival Taiyo Nippon Sanso Corp, per as Reuters.

Linde and Praxair need to sell assets to get regulatory approval for their USD83 billion all-share merger of equals that will create a global leader in gas distribution, with revenues of almost USD29 billion and 88,000 staff.

"We are taking a constructive approach to address regulatory concerns with the merger in the European Economic Area," Praxair CEO Steve Angel said in a statement on Thursday.

Linde shares rose 4.2 percent after the Taiyo Nippon Sanso deal was announced, and were among top gainers on the DAX index of leading German shares.

Taiyo Nippon Sanso will pay 5 billion euros (USD5.9 billion) for the Praxair European assets, which generated annual sales of approximately 1.3 billion euros in 2017, in a move aimed at boosting its global competitiveness.


mrcplast.com
Author:Anna Larionova
Tags:gas processing, Linde Group.
Category:General News
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