Linde and Praxair have announced the successful completion of their business combination, with Linde plc shares commencing trading on the New York Stock Exchange under the ticker symbol ‘LIN’.
The shares had earlier listed on the Frankfurt Stock Exchange on 29th October.
Both Praxair and Linde AG tendered shares have been delisted from the New York and Frankfurt Stock Exchange respectively.
Concurrent to the delisting of Linde AG tendered shares, the stock ticker symbol for Linde AG untendered shares has changed to ‘LNA’ and continues to be listed on the Frankfurt Stock Exchange.
The $90bn merger of equals of Praxair and Linde creates the single biggest player in the global industrial gases business.
Linde announced the closure of its Business Combination last week, following long-awaited approval from the US Federal Trade Commission (FTC) and European Commission approval of the buyer of Praxair’s divested businesses in Europe.
With the listing of Linde plc shares on the respective stock exchanges, the merger moves one more step forward.
Now that the business combination has been completed, the companies will focus on finalising the divestitures required by the respective antitrust authorities. Necessary divestitures include, in particular, certain sales in the US which Linde AG is required to complete by 29th January 2019.
Until the completion of the majority of such divestitures, Linde AG and Praxair are obliged to operate their businesses globally as separate and independent companies, and not coordinate any of their commercial operations.