Praxair announced today that shareholders approved the business combination with Linde AG at Praxair’s special meeting of shareholders.
This approval completes a key milestone in combining two leading companies in the global industrial gas industry under a new holding company named “Linde plc.”
Approximately 83% of the total issued and outstanding shares of Praxair common stock voted to approve the business combination, exceeding the required vote of a majority of the issued and outstanding shares, and representing approximately 99% of the total votes cast at the special meeting on this proposal.
“Today’s vote confirms that Praxair shareholders support this transaction and brings us one step closer to creating a world-class leader in the industrial gas industry,” said Steve Angel, Praxair’s Chairman and Chief Executive Officer.
The business combination remains subject to the satisfaction of all other transaction closing conditions, including achieving the minimum acceptance ratio of 75% in Linde plc’s exchange offer for Linde AG shares, and the receipt of all regulatory approvals and certain other customary closing conditions. The business combination is expected to be completed in the second half of 2018.
Additionally, Praxair shareholders approved all other proposals at the special meeting, including:
Praxair will file a Form 8-K with the Securities and Exchange Commission to report the voting results of all proposals.
By Joanna Sampson
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.
Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.