Germany's Linde has cut the approval level and extended the acceptance period for its $80 billion tie-up with Praxair which will create an industrial gases leader.
The acceptance threshold for the merger has been lowered to 60 percent from 75 percent of shareholders, while the period of the exchange offer, which was due to expire on Tuesday, has been extended to Nov. 7, Linde said in a statement on Monday.
The planned merger between Linde and U.S. group Praxair will create a global leader in industrial gases to overtake France's Air Liquide with a combined revenue of $28.7 billion and 88,000 staff.
After an additional two-week acceptance period ends, Linde and Praxair will have 12 months to close the merger.
LINDE GROUP, registered as Linde AG, is a German multinational chemical company founded in 1879. It was the world's largest industrial gas company with market share and income In September 2006. The company bought UK-based rival The BOC Group, and then squandered its non-gas interests. Linde's old material handling business was re-branded in 2006 as the KION Group and in November 2006 it sold 4 billion euros to KKR and Goldman Sachs.
PRAXAIR INC, is an American world-class industrial gas company. It is the largest industrial gas company in North and South of U.S.A and the third largest company in terms of revenue worldwide. The company was established in 1907 as Linde Air Products Company. In August 2016, it was announced that the American company was in official talks with the German rival, Linde Group, as the world's largest natural gas supplier.