LIN Linde PLC

   By Stephen Nakrosis 
 

The U.S. Federal Trade Commission on Thursday said it would require Praxair, Inc. and Linde AG to sell assets in nine industrial gases markets as part of the condition for approving a merger of the two companies.

In June 2017, the boards of the two companies voted to approve a merger to create the world's largest industrial-gas maker. Under the terms of the deal, the two companies would become subsidiaries of a new holding company, to be incorporated in Ireland.

On Thursday, the FTC said following a public comment period, the commission determined the two companies would be required to sell assets across the U.S. to four divestiture buyers. The product markets consist of bulk liquid oxygen, bulk liquid nitrogen, bulk liquid argon, bulk liquid carbon dioxide, bulk liquid hydrogen, bulk refined helium, on-site hydrogen, on-site carbon monoxide and excimer laser gases, the FTC said.

The FTC also said it made a modification to a joint venture between Messer Group GmbH and CVC Capital Partners that is acquiring some of the divested assets. The order gives the commission the right of prior approval if Messer's stake in the joint venture falls below 50% or if Messer and CVC decide to sell their combined interest in the joint venture to a third party.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 28, 2019 15:47 ET (20:47 GMT)

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