- Title: Linde shares seen up after boards agree Praxair merger
- Date: 2nd June 2017
- Summary: MUNICH, GERMANY (JUNE 2, 2017) (REUTERS) VARIOUS OF PHOTO-OP WITH LINDE CHAIRMAN WOLFGANG REITZLE (MIDDLE), LINDE CEO ALDO BELLONI (GLASSES) AND PRAXAIR CEO STEVE ANGEL (GREY HAIR) PRESS RELEASE ABOUT MERGER BELLONI AND ANGEL SHAKING HANDS NEWS CONFERENCE SIGN ON WALL READING (English): "THE LINDE GROUP" SIGN ON WALL READING (English): "PRAXAIR" (SOUNDBITE) (German) LINDE CEO ALDO BELLONI, SAYING: "Today is a milestone in the history of Praxair and Linde. Last night we have signed a merger agreement, and that is a decisive step for the consolidation of our companies. For five months we have negotiated intensively, and I'm very happy that Steve Angel and myself can show you today the opportunities that the merger presents. We are convinced that the merger will bring great benefit to our employees, clients, investors and further target audience." VARIOUS OF MEDIA (SOUNDBITE) (English) PRAXAIR CHIEF EXECUTIVE STEVE ANGEL, SAYING: "In signing the business combination agreement we have taken an important first step towards realising this once in a lifetime merger opportunity. I am looking forward to having the talented teams of Praxair and Linde work together on the integration planning phase as we take this important step and make it a reality." MEDIA (SOUNDBITE) (English) PRAXAIR CHIEF EXECUTIVE STEVE ANGEL, SAYING: "We have not been in discussion with the Trump administration. There is no requirement to be in discussion with the Trump administration about this merger. From all appearances, he is quite busy doing a lot of other things today. [LAUGHTER] But we have been in contact with all of the appropriate government officials: senators, governors, other members of Congress. And we engaged them early on, really back in December. And we've maintained very constructive dialogue with them. So from that standpoint, there is no issue." JOURNALIST TYPING VARIOUS OF JOURNALISTS
- Embargoed: 16th June 2017 13:50
- Keywords: gas Linde Praxair Germany
- Location: MUNICH, GERMANY
- City: MUNICH, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA0016JL4O7H
- Aspect Ratio: 16:9
- Story Text: Shares in Germany's Linde gained on the blue-chip DAX index on Friday (June 2) after the company's boards agreed to and announced a $73 billion merger with U.S. peer Praxair to create the world's biggest industrial gases group.
After a failed attempt at a tie-up last year that led to the departure of Linde's two top executives, Chairman Wolfgang Reitzle managed to stop labour representatives from blocking the deal in a marathon supervisory board meeting on Thursday (June 1), which was confirmed by executives in a news conference on Friday.
Praxair shares hit a record high on Thursday after the agreement was announced.
The deal still has to be approved by a majority of Praxair investors at a shareholder meeting, while 75 percent of Linde shareholders must tender their shares to the new company for the merger to go through.
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