Praxair Enters Home Stretch in Linde Merger

DANBURY, CT — Praxair, Inc. has announced that the final closing conditions for the merger of equals between Praxair and Linde AG were satisfied after the European Commission approved the buyer of Praxair’s divestment business in Europe and the Federal Trade Commission provided merger clearance of the business combination in the United States.

Danbury-based Praxair is one of the leading industrial gas companies in North and South America. Its merger with European rival Linde will create the largest such company in the world.

“Today marks an important milestone in the formation of our new company,” Praxair CEO Steve Angel said in a statement on Monday. “It is a privilege for me to lead the talented people of two world-class organizations as we come together to form the undisputed leader in our industry. I am confident this team will create long-term value for all Linde plc stakeholders.”

Angel will remain as CEO of the new company, which will be named Linde and be worth $46 billion.

The parties expect the transaction to close on October 31, 2018. Under the terms of an agreement with the FTC, neither Linde AG nor Praxair will integrate any of their commercial operations until certain U.S. based assets are divested.

The new Linde plc shares are expected to start trading on the New York Stock Exchange (NYSE) and the Frankfurt Stock Exchange under the ticker symbol “LIN”. Trading in shares of Praxair’s common stock is expected to be suspended on the NYSE as of close of business on October 30, 2018, and Praxair’s common stock is expected to be delisted from the NYSE. Promptly following the closing, Praxair also intends to delist and deregister its three series of Euro-denominated notes, including its 1.50% Notes due 2020, 1.20% Notes due 2024 and 1.625% Notes due 2025, that are currently listed on the NYSE to suspend its reporting obligations under the Securities Exchange Act of 1934. Linde plc, as the new holding company of the combined group, will file reports under the Exchange Act following closing. The company intends to apply for listing of the bonds on an alternate securities exchange.