Munich, Linde and Praxair have agreed on the key points for the planned merger, the world’s biggest gases group. Through an exchange of shares, the existing shareholders will hold in the merged group’s 50 percent, according to the Munich on Tuesday. Linde Chairman of the Supervisory Board secured to the corresponding Post for the new Holding company, Praxair CEO Steve Angel is the new CEO of the group.
the rest of The Top-Management should be added to the same Parts with the representatives of the Americans and of Bavaria. The company name will stay, Linde, even if Angel is supposed to have its seat more in the Danbury area in the U.S. state of Connecticut. The Central functions should be divided on both sides of the Atlantic.
The world’s largest industrial gases companies
Linde, and Praxair as the new world leader before the French arch-rival Air come Together liquid, with a turnover of 28 billion euros and an overall rating of 61 billion euros. The annual synergies are estimated for the two companies to a billion dollars. The new Holding company will be listed in New York as well as in Frankfurt, its legal seat should be in a neutral country of the European economic area.
“The strategic merger of Linde and Praxair would combine the Strengths of both companies, the global presence and strengths, and a more robust Portfolio that would benefit from long-term growth trends,” said Angel. “This merger creates value. This is a strategic move that would create a robust balance sheet and strong cash flow, and the necessary financial flexibility could allow, we need to invest in our future," sekundierte Linde-transition-in-chief Aldo Belloni.
For the 8000 German Linde employees had the company agreed with the works Council and the trade unions is already a guarantee of employment until the end of 2021 for the case of a merger. Redundancies were excluded, the in Germany proposed to make would be reduced by removal in the case of a merger with Praxair to significantly and the location of Dresden is not closed.
Linde and Praxair: Fusion comes before Christmas
The new Linde a Holding company in New York and Frankfurt listed. Linde is aiming for inclusion in one of the Dax indices. The main trading with the new shares should, however, Overseas on the stock exchange, the Dax, a founding member of the descent from the first German stock exchange League come to terms.
The two companies plan to as soon as possible, the agreement in binding contracts. A merger, under the usual Reservation of the authorities. Linde is expected to be an in-depth review by the cartel authorities into the house. Experts expect that the new company must be similar to the Acquisition of the British BOC pull a few years ago from a plurality of markets at least in part. The first fusion starting in the summer, in particular, to location – and questions of Power failure.
The workers at Linde, the proposed merger will continue to see skeptical. The group’s works Council chief and Deputy Chairman of the Supervisory Board Hans-Dieter Katte said on Tuesday the German press Agency, the headquarters of the new company and the exact rights of the workers representatives had yet to be resolved. “Here we see potential for considerable Tension.”
Many Employees are concerned, whether in the case of a merger, the German co-determination is lost and a different corporate culture. “Individual points, we consider as very critical,” said Katte. He stressed that the decision to the vertices of a merger “does not constitute consent to a final transaction on the part of the employee representatives on the Supervisory Board, but only leads to a further result of the open test”.