Sector News

Germany’s Linde agrees to sell South Korea assets to IMM for $1.2 billion: sources

March 11, 2019
Chemical Value Chain

German industrial gases group Linde has agreed to sell its South Korean assets to local private equity firm IMM for 1.3 trillion won ($1.15 billion), two people familiar with the matter told Reuters on Friday.

The move is seen as part of Linde’s efforts to divest assets in South Korea and elsewhere to win antitrust clearance for its $86 billion merger with rival Praxair, which will create an industry leader.

South Korea’s competition watchdog in October said Linde and Praxair would have to sell some of their assets, raising concerns that their combination would restrict competition.

The sources said Macquarie Group Ltd, Air Liquide SA had also bid for Linde’s South Korean assets.

IMM will buy Linde’s industrial gas business in South Korea, while Linde will retain its special gas operations in the country, one of the sources said.

The person said the two firms aim to close the deal by the end of April. A second person confirmed the sale, without elaborating on the value of the deal.

Linde declined to comment. IMM, Macquarie and Air Liquide were not immediately available for comment.

Linde and Praxair won U.S. antitrust approval for their merger in October.

The all-share merger creates an industry leader now called Linde PLC with revenue of about $27 billion based on 2017 figures, and 80,000 employees across more than 100 countries.

By Arno Schuetze, Hyunjoo Jin and Kane Wu

Source: Reuters

Related News

May 28, 2020

Dow adds to recycled plastic products

Chemical Value Chain

US chemicals firm Dow has developed and commercialized a formulated post-consumer recycled (PCR) plastic resin in Asia-Pacific. Such initiatives threaten virgin plastic demand, but it will take time for recycling […]

May 28, 2020

Oil price crash ripples through chemicals production

Chemical Value Chain

The oil price crash under the weight of the Covid-19 pandemic has brought mixed fortunes for the petrochemical industry. In 2019, the Brent crude benchmark hovered around $60 a barrel, […]

May 26, 2020

Borealis appoints head of innovation & technology

Chemical Value Chain

Borealis has announced the appointment of Erik van Praet as vice president innovation & technology effective 1 April 2020. Van Praet succeeds Maurits van Tol, who last year moved to […]