Finalizing a merger with Praxair is likely to take “several months”, the chief executive of Linde said in a letter to a shareholder association, reiterating he saw no need to ask shareholders to vote on the $65 billion deal.
German industrial gases group Linde and U.S. rival Praxair announced in December their intention to merge to create a global leader, saying at the time they expected to execute a definitive business combination agreement “as soon as possible” in the coming months.
In a letter to German retail-shareholder association DSW filed with the U.S. Securities and Exchange Commission, Linde CEO Aldo Belloni rejected criticism he was not informing shareholders sufficiently about the progress of discussions with Praxair.
He also defended his decision not to call a shareholder meeting to approve the deal.
“I am sure you will understand that developing, negotiating and documenting the details of such a complex merger naturally takes time,” he wrote in the letter dated March 7.
“Speaking from experience with other (often less complicated) mergers, we foresee the whole process taking several months.”
Linde is expected to give an update on its negotiations with Praxair at its full-year results on Thursday.
A source close to the deal said this week the detailed so-called business combination agreement would not be signed this month, due to delays caused by German unions, who fear their influence in a combined company will be diminished.
By Georgina Prodhan and Arno Schuetze
Source: Reuters
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.
