Danbury-based Praxair is entering into a proposed merger with a Germany-based company. Officials say the merger leverages the unique strengths of each company--Linde’s long-standing leadership in technology with Praxair’s efficient operating model. Praxair also touted their combined enhanced ability to provide innovative, reliable and cost-efficient solutions for customers.
In the all-stock transaction, Linde shareholders would receive about 1.5 shares in a new holding company and Praxair shareholders would receive one share in the new holding company. They will be governed by a single Board of Directors with equal representation from Linde and Praxair. Praxair’s Chairman and CEO, Steve Angel, would become CEO and a member of the Board of Directors.
Corporate functions would be split between Danbury and Munich, Germany to help achieve efficiencies for the combined company. No further details about how the merger would affect the Danbury workforce was immediately released.
The parties expect to complete their internal approvals in the coming months. Linde and Praxair are confident that any required regulatory approvals, including any required divestitures, could then be obtained in a timely manner.
In the 2015 financial year, The Linde Group generated revenue of EUR 18 billion, with approximately 65,000 employees working in more than 100 countries worldwide. Praxair, Inc., a Fortune 300 company with 2015 sales of $11 billion, is a leading industrial gas company in North and South America and one of the largest worldwide.
