Linde is negotiating to sell about $200-million worth of additional assets in the United States to Messer Group and CVC Capital Partners in an effort to secure US Federal Trade Commission (FTC) approval for its $82-billion merger with Praxair, according to a report on Reuters, quoting a person familiar with the matter. The Messer-CVC consortium has already agreed to buy the majority of Linde’s bulk gases business in the United States and all of its operations in Canada, Brazil, and Colombia for $3.3 billion.
The additional US operations to be sold include three air-separation plants, a liquid-argon contract, a carbon dioxide facility, and two depots, Bloomberg quoted people with knowledge of the situation as saying. Another Linde plant at La Porte, Texas, which includes the company’s largest US air separation unit and syngas facilities, will be sold at a later stage, as the FTC has reportedly agreed to give the merger partners more time for this transaction. Linde, Messer, and CVC declined to comment on the latest reports.
The Linde-Praxair merger agreement, signed in December 2016, allows either party to terminate the deal if divestitures of assets with combined sales of more than €3.7 billion ($4.4 billion) are required by antitrust regulators. Linde, however, warned on 22 August that the FTC’s demands had become more stringent and divestments were expected to exceed this level. The two companies have a deadline of 24 October 2018 set by German financial market regulations to complete the deal. Linde shares jumped 7% in Frankfurt on Wednesday on optimism they will meet the deadline.
By Natasha Alperowicz
Source: Chemical Week
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.