BERLIN – Germany's Linde AG and U.S. rival Praxair Inc. say they have agreed on a deal to merge the two businesses, creating a global leader in the field of industrial gas with a market value of $70 billion.
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Linde said Thursday that the all-stock merger with Praxair, based in Danbury, Connecticut, is expected to be completed in the second half of 2018, subject to regulatory approvals.
The two companies announced preliminary talks in August but dropped them a few weeks later. At the time, Linde said they hadn't been able to agree on details, "specifically about governance aspects."
The CEO of Munich-based Linde, Aldo Belloni, called the merger a "once-in-a-lifetime opportunity."
The companies sell gases used in manufacturing, food processing and the oil and gas industry.