Linde AG’s Executive and Supervisory Board has published a joint reasoned statement following the exchange offer by Linde plc dated 15th August 2017.

Praxair-Linde: SEC registration under ‘Linde plc’ declared effective

The recommended exchange offer means that Linde AG’s business will be brought under Linde plc conducted pursuant to German law, and Praxair Inc.’s business will be brought under Linde plc through a merger transaction in the US conducted pursuant to Delaware law.

The Executive Board and the majority in the Supervisory Board feel that the business combination is in the best interests of Linde AG, its shareholders and other stakeholders. Against this background, the entire Executive Board and the majority in the Supervisory Board recommend to the Linde shareholders to accept the exchange offer in order to participate in the new group which is combined under Linde plc.

”The entire Executive Board is firmly convinced that the business combination will open up great potential…”

Aldo Belloni, CEO of Linde AG

Professor Dr. Wolfgang Reitzle, Chairman of the Supervisory Board of Linde AG, said, “The merger of Linde and Praxair creates significant value for shareholders. They now have the opportunity to participate in a company with excellent prospects and to build on the future.”

The Executive Board and the majority in the Supervisory Board believe that the business combination provides significant advantages and opportunities to both companies and their employees.

Aldo Belloni, CEO of Linde AG, commented, “The entire Executive Board is firmly convinced that the business combination will open up great potential for shareholders, customers and employees and is in the best strategic interests of, Linde.”

The combined group is expected to achieve annual synergies and cost savings (including savings from ongoing cost saving programmes, in particular from the Linde LIFT programme) of approximately €1.1bn ($1.3bn), which are targeted to be achieved within three years following the completion of the business combination.