Japan's Taiyo Nippon Sanso to buy some Praxair European assets for $5.9 bln (updated)

NIPPON SANSO HOLDINGS

05/07/2018 08:12

(Adds background on Linde-Praxair deal; changes media packaging
information)
    TOKYO, July 5 (Reuters) - Japanese industrial gas company
Taiyo Nippon Sanso Corp  4091.T  said on Thursday it had agreed
to buy part of the European businesses of Praxair Inc  PX.N  for
5 billion euros ($5.9 billion) in a move aimed at boosting its
global competitiveness.
    The deal helps bring Munich-based Linde AG  LING.DE  and
Danbury, Connecticut-based Praxair one step closer to securing
the $83 billion all-share merger that will create a global
leader in gas distribution, with revenues of almost $29 billion
and 88,000 staff.  urn:newsml:reuters.com:*:nL8N1TM1EJ
    Sources previously told Reuters that Taiyo Nippon Sanso
would likely buy the European assets that the two groups were
trying to unload to satisfy regulators. Private equity firm
Carlyle Group LP  CG.O  was in the running to buy their U.S.
assets, they said.
    Linde said in a statement that more disposals were planned.
    "Linde and Praxair are in discussions with the competent
authorities and in negotiations with potential bidders with the
objective of completing the business combination in the second
half of 2018," it said in a statement on Thursday.  urn:newsml:reuters.com:*:nASM000LM1
    A combined Linde and Praxair would have the size to overtake
France's Air Liquide SA  AIRP.PA  in the supply of gases such as
oxygen and helium to industries worldwide.
    Praxair said the assets to be sold include its industrial
gases businesses in Belgium, Denmark, France, Germany, Ireland,
Italy, the Netherlands, Norway, Portugal, Spain, Sweden and
Britain, and include approximately 2,500 employees.
    Taiyo Nippon Sanso said the deal depends on the planned
Praxair-Linde merger going through.
    It said it would pay for the acquisition with cash on hand
and loans, and had no plans to conduct equity financing.
($1 = 0.8551 euros)

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EXCLUSIVE-Taiyo Nippon, Carlyle frontrunners to buy Linde and
Praxair assets -sources     urn:newsml:reuters.com:*:nL8N1TM1EJ
Linde says in talks on more sales after Praxair European deal   
 urn:newsml:reuters.com:*:nASM000LM1
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 (Reporting by Chris Gallagher and Chang-Ran Kim;
Editing by Muralikumar Anantharaman and Christopher Cushing)
 ((chris.gallagher@thomsonreuters.com; https://twitter.com/ChrisGallagher4
 ; 81-3-6441-1842; Reuters Messaging:
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