Abstract

With hopes of a bidding war dashed, CBI Industries—parent of Liquid Carbonic— has yielded to Praxair's takeover bid after a two-month struggle. CBI's about-face came Dec. 22, after Praxair threatened to withdraw the $1 per share sweetener it added to its original $32 per share offer. merger will cost Praxair $2.2 billion, including taking on about $700 million in CBI debt. Assuming regulatory approval is obtained, the firms are expected to complete the merger in mid-January. Under the deal, Praxair gets Liquid Carbonic, the largest carbon dioxide producer worldwide, giving Praxair a full product line of industrial gases. Praxair also gains a major foothold in South America, where the industrial gas market is booming. Praxair will be the world's third largest industrial gas producer, behind France's Air Liquide and the U.K.'s BOC Group. The strategic fit between our two companies will lead to greater sales growth, lower costs, and ...

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