British BOC said today it rejected a bid from Linde due to regulatory issues and it was making good progress in the first quarter.

According to the BOC, the rejection was unanimous by the board.

\\$quot;The unsolicited approach from Linde also contained regulatory hurdles as a precondition, which meant your company would inevitably have had to suffer a further period of uncertainty while these were examined,\\$quot; it said in a statement.

It continued: \\$quot;The proposal was conditional on financing arrangements that had to be finalised and they were themselves subject to commercial due diligence.

\\$quot;These preconditions were onerous enough but also the proposal failed to take account of the growth prospects for your company.\\$quot;