Sector News

Praxair shareholders vote in favour of merger with Linde AG

September 27, 2017
Chemical Value Chain

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:

  • a proposal to approve on an advisory and non-binding basis, the reduction of the share premium account of Linde plc to allow for the creation of distributable reserves;and
  • a proposal to approve on an advisory and non-binding basis, the compensation that may become payable to Praxair, Inc.’s named executive officers in connection with the business combination.

Praxair will file a Form 8-K with the Securities and Exchange Commission to report the voting results of all proposals.

By Joanna Sampson

Source: GasWorld

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