As it restructures assets to meet European regulations, Linde Group has offered a total of â‚¬310.2m($408m) to achieve full ownership of Malaysian Oxygen Bhd.
The deal sees Linde pay Air Liquide SA â‚¬61.2m for the remaining half of a company they jointly own, which itself holds 45 percent of the Malaysian outfit. In a statement in Kuala Lumpur today Linde also confirmed they would offer â‚¬249m for the remaining 55 percent of the company.
The purchase comes after the European Commission required Linde and rival Air Liquide to terminate joint ventures after Linde took over BOC Group Plc for Â£8b pounds ($16b) last year
Linde had agreed to terminate joint ventures between BOC and Air Liquide, either by buying or selling stakes in these businesses. In a statement released in Munich today Linde explained, $quot;A realignment of the shareholdings in certain joint ventures in the Asia-Pacific region was one of the conditions imposed by the European Commission when it authorized the acquisition of the BOC Group,$quot;
In a further expansion of its South Pacific operations Linde will also buy the entire stake of Hong Kong Oxygen & Acetylene from Air Liquide. In return, Linde will sell stakes in Singapore, Thailand, Vietnam and Brunei joint ventures to Paris-based Air Liquide.