Seifi Ghasemi, Chairman, President and CEO of Tier One player Air Products, has paid a visit to Yingde Gases Group Company Limited as plans to acquire the Chinese outfit heat up.
The Air Products leader met with certain Board members and senior management, including current Chairman, Executive Director and substantial company shareholder Zhao Xiangti, in a meeting in Hong Kong on the 8th February.
According to a statement by Yingde, the meeting was held to discuss the arrangement of a due diligence process in respect to the industrial gas giant’s takeover offer.
Yingde vaguely warned that the takeover bid may or may not be successful and that an update would be made in due course.
Air Products initially announced its intent to purchase all the outstanding shares of the China-based business in the second week of January. Yingde is the largest independent industrial gas supplier in the People’s Republic of China in terms of revenue. It produces, supplies and distributes a variety of industrial gas products to its onsite and merchant customers, with oxygen, nitrogen and argon the core products.
Financial details of the deal have not been revealed as of yet, but gasworld Business Intelligence estimates that Air Products’ market share in China would skyrocket from 9% up to 21% if the deal were to go ahead.
During the meeting, it is understood that Air Products expressed its desire to have a third meeting with Yingde’s current management team.