Linde (OTCPK:LNAGF) says it is on track to complete its merger with Praxair (NYSE:PX) in H2 2018, as the companies await a decision by European regulators on whether their planned asset sales are enough to satisfy antitrust concerns.
Linde shares rose as much as 4% in Europe after Q2 earnings beat expectations, as operating profit increased 3.3% to €1.13B ($1.31B), helped by efficiency programs and good macroeconomic conditions, and revenue rose 1.1% to €4.46B.
Linde and PX have announced more than $9B in asset sales this month as the companies work against a self-imposed October deadline to push through their tie-up, hoping to lead to approval by the European Commission, but they have left open the possibility that more disposals might be needed; Linde says sales negotiations with potential buyers for the Gist logistics business have been abandoned.
Also: Linde AG reports 1H results (July 25)
Subscribe for full text news in your inbox