Praxair shareholders approve merger with Linde AG
The merger between Praxair and Linde AG took another step closer toward reality as Praxair shareholders approved the business combination during a special meeting held Wednesday at Praxair headquarters in Berkshire Corporate Park in Danbury.
The approval was a condition to the proposed merger. The new entity would be called Linde and be a public limited company with Praxair and Linde being equal partners. It would retain its headquarters in Danbury and Munich and be led by Steve Angel, the current CEO of Praxair.
The companies expect the transaction to close in the second half of 2018, subject to closing conditions and regulatory approvals. The merger will create the world’s largest industrial gas company with a combined market value of more than $70 billion.
Praxair announced on Wednesday that 83 percent of the total issued and outstanding shares of the company voted to approve the merger, exceeding the required majority vote.
The merger remains subject to other closing conditions, including achieving the minimum acceptance ratio of 75 percent in Linde plc’s exchange offer for Linde AG shares. It also must receive all regulatory approvals and other customary closing conditions. The acceptance period for Linde plc’s exchange offer will expire on Oct. 24.
The combined company will be listed on both the New York Stock Exchange and the Frankfurt Stock Exchange. Linde will also seek inclusion in the S&P 500.
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