Sector News

Linde could lower threshold for Praxair exchange offer

September 20, 2017
Energy & Chemical Value Chain

German industrial gases group Linde does not rule out lowering the shareholder acceptance threshold for its planned $75 billion merger with U.S. peer Praxair, its chief executive told German magazine Euro.

“We don’t expect it will be necessary. But if it were, we would speak to Praxair about it,” Aldo Belloni said in comments released on Tuesday.

Linde shareholders have until Oct. 24 to exchange their Linde shares for shares in the new, combined company. An acceptance rate of 75 percent has been set for the merger to go through. Praxair shareholders will separately vote on the issue at a special general meeting.

Norges, the world’s biggest sovereign wealth fund, said earlier it had tendered all its shares and would vote in favour of the merger at the Praxair meeting on Sept. 27. Norges is Linde’s second-biggest shareholder, with 5 percent, and also owns 1 percent of Praxair.

By Georgina Prodhan

Source: Reuters

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