Fri, May 13, 12:29 PM
- The Federal Trade Commission approves Air Liquide's (OTCPK:AIQUF) takeover of Airgas (NYSE:ARG) on condition that the companies sell assets used to produce bulk oxygen, bulk nitrogen, bulk argon and four other types of gases.
- The companies agree to sell 16 air separation units and associated assets (12 owned by Air Liquide and four by ARG), two nitrous oxide plants owned by Air Liquide, four Air Liquide facilities that produce both liquid carbon dioxide and dry ice and two that produce only liquid carbon dioxide, as well as three ARG retail packaged welding gas stores in Alaska.
- The FTC says that without the divestments, the merger likely would have harmed competition and led to higher prices in several U.S. and regional markets.
Dec. 1, 2015, 1:16 PM
- Air Products (APD +0.8%) CEO Seifi Ghasemi says the company will not pursue a bid to acquire Airgas (ARG +0.2%).
- APD has long sought to acquire ARG, which agreed last month to sell itself to Air Liquide (OTCPK:AIQUF) in a deal valued at $143/share.
- The CEO also backs APD’s guidance for FY 2016 EPS on continuing operations of $7.25-$7.50, vs $7.39 analyst consensus estimate.
Nov. 18, 2015, 2:48 PM
- Airgas (ARG +0.8%) continues to rise following yesterday's news that it was being acquired by Air Liquide (OTCPK:AIQUF) for ~$13.4B; however, Air Liquide shares fell 7.4% in Paris trading today.
- UBS keeps a Sell rating on Air Liquide and describes the deal as "pricey" at a premium of 50.6% to ARG's one-month average share price.
- Americas Air Liquide President and CEO Michael Graff admits the price is hefty but says "we’re looking at long-term strategic value... It’s the biggest player in the packaged gas business in the U.S. You are going to pay what is appropriate."
- Air Liquide forecasts that up to 25% of the increase in global industrial gas demand will come in the U.S.; Graff specifically expects more growth along the Gulf coast related to providing industrial gases for the ongoing petrochemical growth surge, as well as for refineries and oil and gas production from the shale boom.
- The deal comes after ARG fended off a takeover bid in 2010 from rival Air Products (APD -0.3%); Air Liquide's agreement to pay more than double the per-share price offered by APD now is looking smart.
Nov. 17, 2015, 2:08 PM
- Airgas (ARG +7.4%) shares are halted on news the company will be acquired by Air Liquide (OTCPK:AIQUF) for $143/share, for an enterprise value of ~$13.4B.
- Air Liquide expects the deal to be earnings accretive from the first year, and plans to realize more than $300M of pre-tax cost, efficiency and volume synergies.
- Earlier: Bloomberg: Air Liquide in talks to acquire Airgas (Nov. 17)
Nov. 17, 2015, 12:43 PM
- Airgas (ARG +6.4%) spikes higher after Bloomberg reports that Air Liquide (OTCPK:AIQUF) is in talks to acquire the company, with a possible deal announcement as soon as this week.
- A combination would make Air Liquide the world’s biggest supplier of industrial gases and give it a dominant position in the U.S.
- M&A chatter had started prior to the report, as ARG is up 22% since Friday.
Oct. 7, 2013, 9:19 AM
- Airgas (ARG) acquires industrial, medical, and specialty gas supplier The Encompass Gas Group.
- Encompass had sales of ~$55M in 2012.
- Terms were not immediately disclosed. (PR)
Jan. 3, 2013, 4:25 PM
Airgas (ARG) acquires the assets and operations of two industrial gas and welding supply distributors, Metroplex Service Welding Supply and Excel Welding & Industrial Supplies, with combined annual revenues of more than $30M. Financial terms of the transactions were not disclosed.| Jan. 3, 2013, 4:25 PM | 1 Comment
Dec. 27, 2012, 4:14 PM
Airgas (ARG) says its subsidiary Red-D-Arc has acquired D&D Power, a Texas-based equipment rental and services business which provides mobile power generation and light towers, as well as preventative maintenance and other services, to the oil and gas exploration and production industry. D&D Power generated annualized revenues of approximately $25M this year.| Dec. 27, 2012, 4:14 PM