Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Linde, Praxair set to create global gases leader

Friday, June 02, 2017 - 01:16

The boards of Linde and Praxair have voted to merge, creating a $73 billion global industrial gases leader in what is likely to be the last in a wave of combinations that has resulted in a highly consolidated market. Ciara Lee reports

▲ Hide Transcript

View Transcript

A 73 billion dollar merger to create a global gases leader. That's what the boards of Linde and Praxair have agreed to. The deal combines U.S. firm Praxair's operational efficiency and strength in the Americas With the leading technology of Germany's Linde and its strong presence in Europe and Asia. And would help them overtake main competitor France's Air Liquide. But not everyone is convinced. SOUNDBITE (English) CMC MARKETS, MARKET ANALYST, MICHAEL HEWSON, SAYING: "There's also the fact they have to get it past regulators and I'm not totally sold on the joint CEO model it's never really worked well at other companies that we've seen Deutsche Bank being a case in point." News of the merger, sent Praxair shares in the United States to a record high up 1.9 percent. (SOUNDBITE) (English) PRAXAIR CHIEF EXECUTIVE STEVE ANGEL, SAYING: "In signing the business combination agreement we have taken an important first step towards realising this once in a lifetime merger opportunity." The new holding company will be incorporated in Ireland. With most board meetings taking place in Britain. The deal still has to be approved by a majority of Praxair investors at a shareholder meeting. While 75 percent of Linde shareholders must tender their shares to the new company for the merger to go through

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Linde, Praxair set to create global gases leader

Friday, June 02, 2017 - 01:16