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Linde, Praxair agree on outline for 50-50 merger

Staff Writer |
Linde and Praxair reached an agreement on key aspects of an all-share deal to create a $65 billion industrial gases group.

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Under the proposed merger, existing Linde and Praxair shareholders would each own about 50 percent of the combined company and its chief executive would be based in the United States.

The agreement comes after Praxair provided new assurances to Linde over corporate governance and jobs, sources have said.

Its previous approach failed in September partly because of disagreements over these issues.

Linde shareholders are to receive 1.54 shares in the new holding company for each of their shares, the two groups said. Investors in Praxair will get one share in the holding company for each Praxair share.

The new entity, representing a combined $30 billion in 2015 revenues, will have a dual listing in New York and Frankfurt.

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