Linde, Praxair set to reveal $65b merger

AFP,FRANKFURT AM MAIN:  German industrial gases maker Linde and US competitor Praxair are set to announce a $65-billion merger to create a global leader in the sector in the coming days, the Financial Times reported yesterday.
Linde and Praxair’s previous attempt at a tie-up failed in September, but they are now expected to reveal preliminary merger terms “as early as Wednesday,” people familiar with the talks told the FT. The German firm said just two weeks ago that it was back at the table with Praxair.
A Linde spokesman refused to comment on “speculation” when contacted by AFP.
Combined, the two groups would overtake Linde’s historic French rival, Air Liquide, as the global number one industrial gas supplier, with combined annual revenues of more than $30 billion (29 billion euros).
Praxair chief executive Steve Angel will be CEO of the combined firm, while Linde chairman Wolfgang Reitzle will retain that role, the sources told the FT.
The new company will be based in Connecticut but have its tax domicile in Europe.
Executive personnel and the site of the merged group’s headquarters were vexed questions that helped scupper the deal the first time around, a source familiar with the discussions told AFP at the time.
Linde will also likely agree for its engineering unit—which builds industrial plants for other firms—to be spun off as part of the deal, the sources said.

Linde, Praxair set to reveal $65b merger

AFP,FRANKFURT AM MAIN: German industrial gases maker Linde and US competitor Praxair are set to announce a $65-billion merger to create a global leader in the sector in the coming days, the Financial Times reported yesterday. Linde and Praxairs previous attempt at a tie-up failed in September, but they are now expected to reveal preliminary merger terms as early as Wednesday, people familiar with the talks told the FT. The German firm said just two weeks ago that it was back at the table with Praxair. A Linde spokesman refused to comment on speculation when contacted by AFP. Combined, the two groups would overtake Lindes historic French rival, Air Liquide, as the global number one industrial gas supplier, with combined annual revenues of more than $30 billion (29 billion euros). Praxair chief executive Steve Angel will be CEO of the combined firm, while Linde chairman Wolfgang Reitzle will retain that role, the sources told the FT. The new company will be based in Connecticut but have its tax domicile in Europe. Executive personnel and the site of the merged groups headquarters were vexed questions that helped scupper the deal the first time around, a source familiar with the discussions told AFP at the time. Linde will also likely agree for its engineering unitwhich builds industrial plants for other firmsto be spun off as part of the deal, the sources said.