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7/5/2018, 10:32 AM (Source: TeleTrader)
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Praxair sells European assets to TNSC for €5B

Shares in Linde AG jumped on Thursday after Praxair Inc., with which it is intending to merge, said it would dispose of most of its operations in Europe to ease regulatory concerns. The shuffle between major manufacturers of industrial gases showed Taiyo Nippon Sanso Corp., or TNSC, would pay €5 billion in cash for the assets, subject to customary adjustments, in a deal expected to be executed by the end of the year, said the company from Danbury, Connecticut.

The transaction includes 2,500 employees in firms in Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom. "With this acquisition, we are seizing a unique opportunity to enter the European market and establish a truly global footprint through the purchase of highly attractive assets in all the key geographies in the European Union," said Yujiro Ichihara, president and chief executive of TNSC, headquartered in Tokyo. He vowed to expand the business.

Linde was up 1.54% at 10:14 in Frankfurt, at €180.45 per share, after reaching €182.55, the highest point since June 18. The German company today said more divestment may be necessary for the $83 billion all-share merger to go through.

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