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German Linde and U.S. Praxair have abandoned their talks about a possible merger

Linde and Praxair have ended merger talks that would have created a market leader with a value of more than $60 billion.

German Linde and U.S. Praxair have abandoned their talks about a possible merger

Linde and Praxair have ended merger talks that would have created a market leader with a value of more than $60 billion, reported Linde AG on September 12, 2016.

Praxair and Linde had previously discussed a potential merger 2 years ago, but talks were put on ice after Linde issued profit warnings in October and November last year, a person familiar with the matter said earlier.

Both companies announced preliminary talks in August 2016.

Today Linde reported that «While the strategic rationale of a merger has been principally confirmed, discussions about details, specifically about governance aspects, did not result in a mutual understanding».

Praxair confirmed in a one-sentence statement that the talks had been terminated.

Linde shares dropped sharply on the news, falling 8% to 136.90 euros ($153.72) in Frankfurt trading.

Bloomberg reported, citing people with knowledge of the matter, that the companies failed to agree on the role of Munich, Linde's headquarters, would play in a combined company on issues including jobs and responsibilities.

Praxair has a market capitalization of about $33 billion, while Linde has a value of about 28 billion Euros (around $31 billion).

Source : Neftegaz.RU


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