Abstract
More than 16 months after it was first proposed, the merger of the industrial gas firms Linde and Praxair has won the blessing of the U.S. Federal Trade Commission. The deal is now set to close on Oct. 31. But FTC has imposed yet more divestitures on the two companies on top of earlier asset disposals demanded by the European Commission. Linde and Praxair are the world’s number two and three industrial gas firms by size after Air Liquide, and the merger will make them number one, with about $27 billion in annual sales. From the start, regulators were concerned about the impact of the deal on buyers of everything from bulk oxygen and nitrogen to specialties such as helium and excimer laser gases. To satisfy the EC, the firms agreed to sell most of Linde’s bulk gas business in North America and some Linde and Praxair assets in South
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