Praxair and Linde, the world’s two largest industrial gas groups, announced on June 1 that they had formally reached a deal. The new company will become the world’s largest supplier of industrial gases.
The two companies said the deal is expected to end in the second half of 2018, the two sides hope to merge the cost savings target to 1.2 billion US dollars.
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Based on the results of the 2016 report, the new company operating income of about 29 billion US dollars, the current market value of more than 70 billion US dollars (66 billion euros).
The board of directors of the new company will consist of 12 members, and Wolfgang Reitzle, chairman of the board of directors of Linde, will become chairman of the new company. Praxel chairman and CEO, Steve Angel will become CEO. The new holding company will be incorporated in Ireland.
| POLYVINYL ALCOHOL FIBER |
Linde shareholders held every 1 share of Linde shares can be exchanged for 1.54 shares of new companies, while the Praxair shareholders is 1: 1 to provide shares, so as to achieve about 50:50 split share.
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