Praxair (PX +0.6%) and Linde (OTCPK:LNAGF) will win regulatory clearance from the European Union for their planned merger after pledging to sell PX’s assets to boost a Japanese rival in Europe, Reuters reports.
PX’s offer to sell its European assets to Taiyo Nippon Sanso for €5B will be sufficient to address RU antitrust concerns, according to the report.
The European Commission had warned that the deal could reduce competition in the supply of crucial gases such as oxygen, which has multiple uses, and helium, which is essential for magnetic resonance imaging scanners.
The companies also plan to divest assets to a consortium of German gases company Messer Group and funds advised by CVC to secure regulatory clearance in the U.S. and elsewhere.
Subscribe for full text news in your inbox