Linde and Praxair reach agreement with FTC on US divestiture

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Linde said in a statement on October 15 that it and Praxair had reached an agreement with the FTC on October 1 regarding the requested asset sale. The asset sale is part of an ongoing U.S. antitrust review of Linde's planned merger with Praxair. Linde said the divestment plan has been submitted to the FTC for a vote. It's unclear when the committee will vote, but the terms of the merger require the FTC to vote by Oct. 24. The merger is also subject to timely buyer approval from the European Commission.

Jefferies analyst Laurence Alexander said he remains optimistic that the FTC will meet the deadline to approve the deal. "The timing shows that the deal could be approved next week, clearing key hurdles by Oct. 24," Alexander said. "The European Commission is also asking for buyer approval. Since the deal involves US assets, this should be easy to do."

Linde has agreed to sell a significant portion of its assets in the Americas to Messer and CVC Capital Partners. Meanwhile, Praxair has agreed to sell most of its business in Europe to Taiyo Nippon Sanso Corp. for antitrust approval.