Deals
Praxair to Buy Linde for $35 Billion in Industrial-Gas Deal
- Deal expected to result in $1 billion of annual savings
- Companies describe transaction as a merger of equals
Praxair to Purchase Linde AG in $35 Billion Deal
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Praxair Inc. of the U.S. agreed to buy Linde AG for about 33.9 billion euros ($35.2 billion) to create the world’s largest supplier of industrial gases, three months after a previous attempt failed on concern over job losses in Germany.
Shares of Danbury, Connecticut-based Praxair will be converted one for one into stock in a new company that will begin an offer to buy Munich-based Linde, the companies said Tuesday in a statement. Linde holders will receive stock that values the company at about 182.66 euros a share, according to data compiled by Bloomberg. That’s about 31 percent higher than where Linde traded in mid-August, before reports the companies were in talks.