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PX

Bought by LIN

$157.81

1.86 (1.19%)

, LNEGY

Ticker now LIN

$0.00

(0.00%)

11:51
08/20/18
08/20
11:51
08/20/18
11:51

EU approves proposed merger between Linde, Praxair

The European Commission has approved under the EU Merger Regulation the proposed merger between Praxair (PX) and Linde (LNEGY). The approval is conditional on the divestiture of an extensive remedy package. Commissioner Margrethe Vestager, in charge of competition policy, said: "Gases - like oxygen and helium - are crucial inputs for a large variety of products we need and use in our everyday life. For instance, industrial oxygen is used in large quantities in the production of steel. And hospitals need medical oxygen for patients and helium so that magnetic resonance imaging scanners can work. There are very few companies in the world capable of supplying all these gases. With this decision, we make sure that the merger of Praxair and Linde will not result in further concentration in Europe and that customers will continue to benefit from competition in these markets." To address the Commission's competition concerns, Praxair and Linde offered the following commitments: The divestment to a suitable purchaser of Praxair's entire gas business in the EEA, including all relevant legal entities, assets and personnel. This divestment covers industrial, medical, specialty gases and helium. It also includes the helium sourcing contracts required to satisfy demand in the EEA; The transfer of Praxair's stake in SIAD, an Italian joint venture active in Central and Eastern Europe and in Italy, to Praxair's current joint venture partner Flow Fin, which will become the sole owner of SIAD; The divestment of additional helium sourcing contracts, beyond those needed to satisfy demand in the EEA, to one or more suitable buyers. This will ensure that the overall helium sourcing volume divested will address competitive concerns at the worldwide level. The commitments fully remove the overlap between Praxair and Linde's activities in the EEA, including in all the markets in which the transaction would have otherwise led to a significant impediment of effective competition. With respect to the market for the sourcing of helium, which is global, the commitments ensure that competition is maintained through the divestment of further sourcing contracts. Based on the parties' proposals, the Commission will assess the suitability of potential buyers for Praxair's gas business in the EEA and for the additional helium sourcing contracts. On this basis, the Commission considers that the proposed transaction, as modified by the commitments, will no longer raise competition concerns and will ensure that competition is preserved on European gas markets in the interest of European customers. Reference Link

PX

Bought by LIN

$157.81

1.86 (1.19%)

LNEGY

Ticker now LIN

$0.00

(0.00%)

PX Bought by LIN
$157.81

1.86 (1.19%)

03/19/18
SBSH
03/19/18
NO CHANGE
SBSH
Buy
Praxair shares could fall 10%-15% initially if deal fails, says Citi
Citi analyst P.J. Juvekar believes Praxair (PX) shares could initially fall 10%-15% if the merger with Linde were to fail due to regulatory restrictions. The analyst, however, thinks shares should eventually trade based on its standalone merits, which he remains positive on. He recommends playing the deal through Praxair over Linde. Juvekar keeps a Buy rating on the shares.
03/27/18
BMOC
03/27/18
INITIATION
Target $159
BMOC
Market Perform
Praxair initiated with a Market Perform at BMO Capital
BMO Capital analyst John McNulty started Praxair with a Market Perform rating and $159 price target.
05/30/18
JPMS
05/30/18
UPGRADE
JPMS
Overweight
Linde upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Alberto Rueda upgraded Linde (LNEGY) to Overweight and raised his price target for the shares to EUR 217 from EUR 212. The analyst has increased confidence in "substantial" upside from the proposed merger with Praxair (PX).
08/06/18
JEFF
08/06/18
NO CHANGE
Target $194
JEFF
Buy
Jefferies still sees over 85% chance of Linde, Praxair merger
Jefferies analyst Laurence Alexander believes additional concerns from the Federal Trade Commission will precipitate additional asset sales at "relatively low multiples" in order to close merger between Linde (LNEGY) and Praxair (PX). The analyst estimates a 35c earnings per share buffer for Praxair on 2020 estimates before "defending a near-term value dilutive deal becomes an issue." Pending more detail, Alexander pegs the deal probability at greater than 85%. In the event of the deal failing, the analyst would expect Praxair management to "immediately announce a plan to ratchet up buybacks." He keeps a Buy rating on Praxair with a $194 price target.
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