Chemical company, Linde has received approval from 90% of its shareholders for the planned $80bn merger with US-based Praxair. Praxair added 0.76%, or $1.16, to close at $152.88 per share, while German-based Linde gained 0.46% as it moved to settle at €191.00 per share. However, it must be noted that despite the approval, the deal is still subject to a number of regulatory approvals. If the merger completes, the newly formed group will be the new global leader in industrial gases with revenues of $28.7bn and around 88,000 staff.
On Tuesday, news reports surfaced that US-based Praxair had made a fresh approach to merge with Linde, the German industrial gases group. This comes after the two parties walked away from talks in September, after failing to agree on where important functions would be located and who would occupy key positions. In addition, Linde’s CEO announced last month that the reopening of talks was not an option and that the group would rather proceed with a restructuring process. Now, the executive board of Linde is allegedly reviewing the new proposal, which could result in the creation of a $60bn market leader. Praxair closed sharply higher following the news reports, up 2.94%.