Yesterday, 10:36 AM
- Linde (OTCPK:LNEGY +2%) invites Praxair (PX +1.2%) to negotiate a merger of equals after the U.S. company defused some contentious issues that had led to the failure of an initial approach.
- Linde also says CEO Wolfgang Buechele will step down sooner than planned, with former executive board member Aldo Ernesto Belloni returning from retirement to replace him, effective tomorrow.
- The failure of initial merger talks with PX in September already had led to management changes at Linde, with CFO Georg Denoke leaving immediately and CEO Buechele saying he would stay on only until April.
Thu, Dec. 1, 6:27 AM
- Linde (OTCPK:LNAGF) supervisory board Chairman Wolfgang Reitzle is still in favor of a tie-up between the German industrial gases maker and U.S. rival Praxair (NYSE:PX), which has made a renewed merger proposal.
- Recent concessions to Linde include giving the company's Munich headquarters a bigger role than initially planned and as well as providing some job guarantees, sources told Handelsblatt.
Wed, Nov. 30, 8:35 AM
- Linde (OTCPK:LNAGF) is more than 5% higher in Frankfurt trading following reports that U.S. competitor Praxair (NYSE:PX) had moved to resume merger talks, which the two companies later confirmed.
- A combination of Linde and Praxair, each worth ~$30B, could create the world's largest industrial gas producer.
- "Although anti-trust regulatory clearance seems feasible, it requires substantial divestment and is still uncertain," a Bernstein analyst says, adding that Linde likely would demand merger terms that Praxair, known for its bidding discipline, could struggle to accept.
Tue, Nov. 29, 2:03 PM
- Praxair (PX +2.1%) jumps after WSJ reports that the industrial gas company has moved to restart negotiations with Linde (OTCPK:LNAGF +4.9%) over a potential merger, two months after previous talks collapsed.
- PX approached Linde last week and negotiations could begin soon, although Linde has not yet agreed to resume talks, according to the report.
- The previous merger effort is said to have stalled in part because the German group was uncomfortable with a plan to move the combined company’s European headquarters to the U.S.
Thu, Oct. 27, 12:46 PM
- Praxair (PX -1.7%) is lower despite reporting generally in-line Q3 results, as it offers downbeat Q4 guidance amid soft manufacturing activity in the U.S. and elsewhere.
- PX now sees Q4 EPS of $1.36-$1.43, vs. $1.46 analyst consensus estimate, and forecasts FY 2016 EPS of $5.44-$5.51, compared with previous guidance for $5.45-$5.60.
- CEO Steve Angel noted "strong demand in more resilient food, beverage and healthcare markets, but persistent weakness from industrial sectors like manufacturing and upstream energy."
Thu, Oct. 27, 6:26 AM
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Wed, Oct. 26, 5:30 PM
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Wed, Sep. 28, 8:03 AM
- Praxair (NYSE:PX) CEO Steve Angel is still open to a merger with Linde (OTCPK:LNAGF) even after talks collapsed earlier this month, according to Bernstein analyst Jeremy Redenius, sending Linde shares sharply higher in Frankfurt trading.
- PX thinks Linde needed to sort out some internal issues before continuing with a merger and does not see irreconcilable differences, Redenius writes.
- Potential job losses in Munich reportedly one of the sticking points in the merger talks, and Redenius says PX insists the combined company’s headquarters would have to remain in the U.S.
Fri, Sep. 23, 9:16 AM
- In an Inter Partes Review, the USPTO's Patent Trial and Appeals Board (PTAB) upholds five Mallinckrodt (NYSE:MNK) patents covering INOMAX (nitric oxide) gas for inhalation. The patents, valid until 2031, were challenged by Praxair Distribution (NYSE:PX).
- INOMAX is approved in the U.S. to improve oxygenation and to reduce the need for extracorporeal membrane oxygenation in term and near-term (at least 34 weeks gestation) neonates with hypoxic respiratory failure associated with pulmonary hypertension in conjunction with ventilator support and other agents.
Mon, Sep. 12, 4:06 AM
- Citing governance complications, Linde (OTCPK:LNEGY) and Praxair (NYSE:PX) have ended merger talks that would have created a gas market leader with a value of more than $60B.
- The two companies had been in early-stage talks amid consolidation in the industrial gas sector, where slower economic growth has weakened demand in the manufacturing, metals and energy sectors.
- Linde -8.2% in Frankfurt.
Tue, Aug. 16, 3:15 PM
- Analysts say a merger of industrial gas makers Praxair (PX +3%) and Linde (OTCPK:LNAGF) likely would trigger antitrust reviews to protect competition in regional markets as well as broader scrutiny of global competition.
- The two companies, which confirmed today that they are in merger talks, have discussed potential divestitures to address antitrust concerns, which could include selling gas production operations in local markets, Bloomberg reports.
- The U.S. FTC cleared Air Liquide's takeover Airgas in May after the companies agreed to sell businesses that produce certain industrial gases; the investigation focused on specific regions around the U.S. rather than a national market, in part because industrial gases cannot be transported more than a few hundred miles.
- Analysts say the biggest competition issues might arise in South America, particularly Brazil, where a combined Praxair-Linde might have a market share upwards of 60%.
Mon, Aug. 15, 6:50 PM
- Praxair (NYSE:PX) +3.3% AH following a Dow Jones report that it has held merger talks with Germany's Linde (OTCPK:LNAGF), in a deal that would create the world’s largest industrial gas supplier with more than $30B in annual revenue.
- The report comes less than three months after Air Liquide bought Airgas for ~$10B, perhaps setting off a wave of consolidation in an industry hit by declining energy prices and sluggish economic growth.
Thu, Jul. 28, 6:41 AM
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