Manufacturing News

Shareholders agree to $102b Praxair, Linde merger

Praxair has announced that it’s shareholders approved the business combination with Linde AG at Praxair’s special meeting of shareholders. This approval completes a key milestone in combining two leading companies in the global industrial gas industry under a new holding company named “Linde plc.”  Earlier this year, Linde had made public its planned $80 billion (A$102 billion) merger with U.S. peer Praxair. If the merger goes through, it could potentially overtake France’s Air Liquide as the largest industrial gases manufacturer in the world.

Approximately 83 per cent of the total issued and outstanding shares of Praxair common stock voted to approve the business combination, exceeding the required vote of a majority of the issued and outstanding shares, and representing approximately 99 per cent of the total votes cast at the special meeting on this proposal.

“Today’s vote confirms that Praxair shareholders support this transaction and brings us one step closer to creating a world-class leader in the industrial gas industry,” said Steve Angel, Praxair’s chairman and chief executive officer.

The business combination remains subject to the satisfaction of all other transaction closing conditions, including achieving the minimum acceptance ratio of 75 per cent in Linde plc’s exchange offer for Linde AG shares, and the receipt of all regulatory approvals and certain other customary closing conditions. The business combination is expected to be completed in the second half of 2018.

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