Linde - Praxair Merger Gets Conditional Approval From U.S. FTC

(RTTNews) - Linde Ag (LDE.L, LNAGF.PK) said that the U.S. Federal Trade Commission or "FTC" has provided clearance of the business combination between Linde and Praxair, Inc., subject to the completion of certain sales of business activities and related commitments.

The necessary divestments in the United States include the sale of substantially all of Linde's US bulk business as well as the sale of certain carbon monoxide, hydrogen and steam methane reforming businesses.

Linde said that it is obliged to complete the divestments by 29 January 2019; thereafter, the divestitures would be completed as directed by the FTC.

In addition, Linde and Praxair are temporarily obliged to continue to operate their businesses globally as separate and independent companies, and not to coordinate any of their operations. Such hold separate order will end upon completion of the majority of the divestitures. On balance, the merger parties expect targeted annual synergies and cost efficiencies to be in a range of US$1.1 billion to US$1.2 billion to be achieved over approximately three years.

Following the antitrust approval from the FTC and the buyer-approval in respect of the sale of the majority of the European gases business of Praxair to the Japanese industrial gases manufacturer Taiyo Nippon Sanso Corporation, which was provided earlier today, all conditions for the completion of the business combination are satisfied.

The settlement of the exchange offer of Linde plc to the Linde shareholders is expected to occur by 31 October 2018. Linde plc shares will be listed on the Frankfurt Stock Exchange as well as on the New York Stock Exchange.