Linde Board Agrees to $35 Billion Gases Tie-Up With Praxair
- Chairman Reitzle doesn’t use double vote to push deal through
- Board approval ends months of suspense amid worker opposition
Praxair, producer of industrial gases, plant in Fort Saskatchewan, Alberta on Aug. 30, 2016.
Photographer: Larry MacDougal via APLinde AG reached a final agreement for a $35 billion combination with Praxair Inc. to create the world’s largest supplier of industrial gases, ending months of suspense about whether the deal would go through amid opposition from German employees.
Linde signed the deal following approval from its supervisory board, the Munich-based company said in a statement Thursday. Chairman Wolfgang Reitzle didn’t need to use his double vote to push the tie-up through, according to people familiar with the situation who asked not to be identified because the deliberations were private.
German unions --opposed to the deal, fearing job losses -- and ministers had urged Linde not to move ahead without worker support.