Germany/USA: Industrial Gases Praxair Confirms Agreement on Details of Merger with Linde
Praxair confirmed that it has reached agreement in principle on the terms and conditions of a Business Combination Agreement with Linde.
Danbury/USA, Pullach/Germany — The $ 60 billion deal would combine both businesses in a merger of equals under a new holding company through an all-stock transaction. However, the agreement still requires the approval by the Board of Directors of Praxair and the Executive Board and Supervisory Board of Linde.
The newly formed company will be headquartered in the USA. A fact that is criticised by labor representatives at Linde, who are represented in the Groups supervisory board. German newspaper WirtschaftsWoche earlier on Wednesday last week cited sources as saying that Linde's supervisory board would vote on the merger agreement.
Praxair also announced that there is no assurance that such Board approvals will be obtained, that the BCA will be executed or that such other conditions will be satisfied and that the transaction will be consummated.