dollars) in revenue of 1.1 billion euros in earnings before interest, taxes, depreciation and amortization (Ebidta) as a condition for approving the transaction. 24.īut they have agreed to grant each other the right to cancel the deal, if antitrust authorities demand that they surrender business worth more than 3.7 billion euros (4.4 billion U.S. Linde and Praxair face a looming deadline for finalization of the merger on Oct. Progress, he said, was also being made on divesting from individual units of two competitors to relieve concerns that the Linde-Praxair merger would create an overwhelmingly dominant player in the global industrial gas industry. (LING.DE) not tender their shares in an exchange offer for its planned 80 billion merger with U.S.
"We are working together with Praxair and in constructive dialogue with competition authorities to complete the fusion by the second half of 2018," Belloni said. German investors’ association DSW recommended on Monday that shareholders in industrial gases group Linde (LING.DE) not tender their shares in an exchange offer for its planned 80 billion merger with U.S. Speaking at the Munich-based firm's Annual General Meeting, Linde CEO Aldo Belloni expressed confidence that international antitrust authorities would approve the merger with Praxair. EXHIBIT 99.1 Linde and Praxair Sign Business Combination Agreement to Become a Leading Industrial Gas Company Merger Highlights Munich, Germany and Danbury. The company employs approximately 80,000 people and serves customers in more than 100 countries around the world, delivering innovative and sustainable solutions and creating long-term value for all stakeholders. The company that eventually became Praxair started as the US division of Linde, but was appropriated by the US government after the first world war.BERLIN, May 3 (Xinhua) - Linde Group, a leading industrial gas producer, on Thursday downplayed concerns over an announced merger with U.S. Linde plc is a leading engineering and industrial gases company, with sales in 2018 of 28 billion. The combination of Linde and Praxair is interesting historically, given that both were originally set up by German refrigeration pioneer Carl von Linde. Meanwhile, Linde has a lower operating margin but has one of the leading in-house engineering groups, Silver explains. Operating under the Linde brand, the company has established a vision to be the best performing global industrial gases. This name change reflects the company’s evolution following the merger of Praxair, Inc. Praxair is considered a leading operator in the industry, and its plants and processes generate high profit margins. subsidiary, Praxair Inc., will begin operating under the Linde name, effective September 1. (Reuters) - Linde AG, the German company that revived merger talks this month with US rival. ‘It has implications for the industry in terms of growth and competition – customers would like to see more suppliers rather than fewer.’Īnother attraction to the deal is that the companies’ in-house strengths are also complementary. Linde, Praxair agree on outline for 50-50 merger. Steve Angel, Chief Executive Officer at Linde, said: It is a privilege for me to lead. It will now fully integrate its business globally. The gas suppliers have joined together to create a new Linde. ‘There will now be three companies competing in this industry on a global basis,’ he says. Praxair, Inc., Linde AG Complete 80 Billion Merger of Equals, Create Largest Industrial Gas Supplier. The Linde - Praxair merger has been completely finalised and both companies can now operate as a single company.
The industry is already largely consolidated: Linde, Praxair, Air Products and Air Liquide together control about 85% of worldwide revenue from industrial gases, according to Silver. ‘Putting the two together makes them the number one player in each of those four regions.’
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‘Geographically speaking, these two companies are complementary – Praxair is strong in North and South America, and Linde is strong in Europe and Asia,’ Silver explains. Antitrust - Merger - State Aid cases Ongoing Merger cases Merger cases - JV and ECSC Help on how to use the case search tools. However, Praxair merging with Linde will create the global leader in the industry in terms of both sales and geographic footprint. ‘It’s a huge consolidation step.’Īfter French industrial gases supplier Air Liquide last year purchased Airgas, it surpassed Linde as the largest industrial gas company in terms of sales. ‘This is a very big deal in the chemistry industry overall, and especially in industrial gases,’ says David Silver, a senior research analyst at Morningstar who covers global industrial gases. The merger combines Praxair’s operational strengths with Linge’s engineering expertise