Praxair to divest European gases business to allow merger clearance by European Commission

Praxair, Inc. and the Japanese industrial gases manufacturer Taiyo Nippon Sanso Corporation have entered into an agreement to sell the majority of Praxair’s European gases business. The business to be sold generated annual sales of approximately 1.3 billion EUR in 2017. The purchase price of 5 billion EUR will be subject to customary adjustments at closing.

Linde AG and Praxair consider a divestiture of such business to be necessary in order to allow merger clearance of the proposed business combination by the European Commission. This sale is still subject to the completion of the proposed business combination of Linde AG and Praxair, Inc. and regulatory approvals, including by the European Commission.
The receipt of regulatory approvals outstanding in other jurisdictions for the proposed business combination is expected to require that the merger partners will divest further businesses. Linde and Praxair are in discussions with the competent authorities and in negotiations with potential bidders with the objective of completing the business combination in the second half of 2018.