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Linde, Praxair stock up as merger approved in US, large divestments required

Oct. 23, 2018

Linde and Praxair's shares rose sharply on Monday after the US' Federal Trade Commission (FTC) cleared the industrial gases majors' merger, subject to Linde divesting a large chunk of its business in the country.


The US' clearance was the last hurdle for the $45bn merger announced in 2016, which is expected to close on 31 October.


Linde's shares were trading at 190.35 at 16:40 London time, up 3% compared to the previous day’s close. Praxair's shares were up 2.16% to $163.31.


“Necessary divestitures include, in particular, certain sales in the US which Linde AG is required to complete by 29 January 2019,” said the German firm.


“Until the completion of the majority of such divestitures, Linde and Praxair are obliged to operate their businesses globally as separate and independent companies, and not coordinate any of their commercial operations.”


According to chemical equity analysts at London-based Bernstein Research, the last divestiture includes nearly all of Linde’s US on-site business, which recorded approximately 1bn of revenue in 2017.


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