MUNICH – Linde's works council chief will vote against the German industrial gases group's planned $65 billion merger with U.S. rival Praxair when it comes up for approval by the supervisory board, he told Reuters on Thursday.
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Gernot Hahl said he believed Linde would bear the brunt of the $1 billion planned synergies, losing jobs as well as the right to co-determine company strategy that German corporate law gives labor representatives.
The framework of a deal was agreed in December but the supervisory board, which is half composed of labor representatives, will have to vote on the merger once a detailed business combination plan is finalised.
"Our position in the supervisory board is: No, we will not approve the merger," Hahl said.
(Reporting by Jens Hack; Writing by Georgina Prodhan; Editing by Arno Schuetze)