Linde and Praxair successfully complete business merger
November 1, 2018
Linde plc, Guildford, UK, has successfully completed the merger between Praxair and Linde AG announced in December 2016. The combined company has adopted the Linde name and will be listed on both the New York Stock Exchange (NYSE) and the Frankfurt Stock Exchange (Prime Standard segment).
Now that the business combination has been completed, the companies stated that they will focus on finalising the divestitures required by the respective antitrust authorities. Necessary divestitures include, in particular, certain sales in the United States, which Linde AG is required to complete by January 29, 2019. Until the completion of the majority of such divestitures, Linde AG and Praxair are obliged to operate their businesses globally as separate and independent companies and not coordinate any of their commercial operations.
At the time of the merger’s announcement, it was stated that the combined company will be governed by a single Board of Directors with equal representation from Linde and Praxair. Linde’s Supervisory Board Chairman, Professor Dr Wolfgang Reitzle, was expected to become chairman of the new company’s board, while Praxair’s Chairman and CEO, Steve Angel, was expected to become CEO and a member of the Board of Directors.