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
Thu, Jul. 28, 6:07 AM
Wed, Jul. 27, 5:30 PM
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Fri, Jul. 15, 10:02 AM
- Thomas Lee from Fundstrat Market & Equity Research ("our research process combines both top-down strategy and bottoms-up fundamental views, to develop a roadmap of practical and useful investment insights for our clients") identifies 15 stocks that meet his criteria for his current “highest conviction” strategies, which he calls “laggards become leaders” and “stocks are the new bonds.”
- The following stocks are in 1 of 16 groups that have lagged in the bull market (laggards), and have dividend yield greater than the their long-term bond yield (stocks are the new bonds): APD, CAT, CSCO, CVX, HP, IBM, OXY, PCAR, PG, PX, RL, SLB, T, VZ, XOM.
Wed, Jul. 6, 8:08 AM
- Air Liquide (OTCPK:AIQUF, OTCPK:AIQUY) warns of slower growth in sales and profitability despite its recent acquisition of U.S.-based Airgas that was designed to offset poor economic prospects in Europe.
- The company says it is seeking revenue growth of 6%-8% annually between now and 2020, and expects to deliver a return on capital employed in excess of 10% after 5-6 years; its ROCE was 10.3% in 2015, short of a targeted 12%-13% return.
- When the Airgas deal was announced last November, it was expected to help Air Liquide overtake rivals Linde (OTCPK:LNAGF), Air Products (NYSE:APD) and Praxair (NYSE:PX) to the top spot in North America and help diversify away from slow-growth Europe.
Mon, Jun. 27, 11:16 AM
- The outperformance of low-P/E stocks that marked H1 is behind us, says RBC's Jonathan Golub, and it's time for the "Stable Growers" to re-asset leadership. He cautions about putting money to work too quickly though, noting the pullback so far has been limited.
- His list of Stable Growers (page 1, page 2): CHD, CL, CVS, K, MO, PEP, PG, PM, BCR, BDX, DGX, DVA, HSIC, JNJ, LH, MDT, SYK, TMO, UNH, ZBH, AFL, AON, MMC, TMK, CTAS, DHR, HON, ITW, LMT, MMM, NLSN, RSG, RTN, UPS, VRSK, WM, XYL, CMCSA, MCD, OMC, ADP, APH, EMC, MA, T, VZ, ECL, PX
Fri, Apr. 29, 6:14 AM
- Praxair (NYSE:PX) declares $0.75/share quarterly dividend, in line with previous.
- Forward yield 2.54%
- Payable June 15; for shareholders of record June 7; ex-div June 3.
Fri, Apr. 29, 6:03 AM
- Praxair (NYSE:PX): Q1 EPS of $1.28 beats by $0.01.
- Revenue of $2.51B (-9.1% Y/Y) beats by $20M.
Thu, Apr. 28, 5:30 PM| Thu, Apr. 28, 5:30 PM | 3 Comments
Mon, Feb. 1, 5:18 PM
- Industrial gas stocks Air Products and Chemicals (NYSE:APD) and Praxair (NYSE:PX) are upgraded to Buy from Neutral at UBS, which says the companies earnings can withstand a slowing global economy.
- UBS thinks a combination of foreign exchange and oil sector impacts on PX, and forex and China issues on APD, have been much larger than previously seen; with oil already down, the dollar already appreciated and China concerns already heightened, the firm believes the stocks now carry only normal risks.
- Both stocks have declined ~20% from their historical highs for their largest corrections in 20-plus years aside from the financial crisis, UBS points out.
Fri, Jan. 29, 6:19 AM
- Praxair (NYSE:PX): Q4 EPS of $1.47 in-line.
- Revenue of $2.59B (-13.4% Y/Y) misses by $70M.