German industrial gas company Linde AG (LINU.XE) said late Friday that 90% of its outstanding shares have been tendered by shareholders as part its planned merger with Praxair Inc (PX).
For the deal to go through without being subjected to U.S. taxation shareholders had to accept a tender offer for at least 74% of Linde's outstanding shares by midnight Nov. 24 in exchange for shares in Linde PLC, a holding company.
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Below a 74% acceptance threshold there was a risk that Linde PLC, which is a U.K.-domiciled entity, could be subject to U.S. taxation. The 74% threshold was reached two weeks ago.
The merger of Linde and Praxair would result in the world's largest gas corporation. Both companies expect the operation to generate annual synergies of approximately $1 billion.
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(END) Dow Jones Newswires
November 27, 2017 03:22 ET (08:22 GMT)