Sector News

Linde and Praxair reach agreement on US divestment package with FTC staff

October 16, 2018
Chemical Value Chain

Linde said in a statement 15 October that Linde and Praxair both “aligned” on 1 October with Federal Trade Commission (FTC) staff regarding required asset sales as part of ongoing US antitrust review of the Linde-Praxair merger.

The remedy package has been submitted to the FTC commissioners for a vote, Linde said. It is not clear when commissioners will vote but merger conditions require that the FTC provide clearance by 24 October. The combination is also subject to the timely receipt of buyer approval by the European Commission.

Jefferies analyst Laurence Alexander said he remains optimistic that FTC approval can be reached before the deadline. “The timeline suggests approval could slip into next week, with the end of the day October 24 the key hurdle,” Alexander says. “Buyer approval is also required by the European Commission, which should be manageable as the transaction or transactions involve US assets.”

Linde has agreed to sell a significant part of its assets in the Americas to a consortium of Messer Group and CVC Capital Partners while Praxair has agreed to sell a majority of its businesses in Europe to Taiyo Nippon Sanso Corp. (TNSC; Tokyo, Japan) to secure antitrust approvals.

By Robert Westervelt

Source: Chemical Week

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