Linde sells assets for $3.3 billion to help get Praxair deal cleared (updated)

NIPPON SANSO HOLDINGS

16/07/2018 13:49

* Most of Linde's U.S. assets, some Latam ops go to
consortium
    * Reuters reported merger partners in frame to get EU
approval
    * Praxair's European ops to be sold to Taiyo Nippon Sanso  

 (Adds background on merger review, other antitrust selloffs)
    By Ludwig Burger
    FRANKFURT, July 16 (Reuters) - Linde  LING.DE  is raising
$3.3 billion from selling North and South American assets to a
consortium of German gases firm Messer and buyout group CVC as
it seeks clearance for a planned $87 billion merger with U.S.
group Praxair  PX.N .
    The German company announced last week it was in advanced
talks with Messer and CVC over the sale of a majority of its
gases business in North America and certain Linde and Praxair
assets in South America. urn:newsml:reuters.com:*:nL8N1U838R
    Reuters reported last week that the European Commission was
set to give its blessing to the tie-up after an in-depth
antitrust review and following the agreed sale of Praxair's
European gases business to Japanese rival Taiyo Nippon Sanso
Corp  4091.T .
    The planned combination in an all-shares merger, agreed in
principle in December 2016, would create a global leader in gas
distribution ahead of France's Air Liquide  AIRP.PA .
    The Federal Trade Commission in the U.S. and regulators in
some other countries have yet to rule on the deal.
    In the race for the U.S. assets, the CVC-Messer alliance
beat out financial investor Carlyle, which was seen as a
frontrunner in June, when Reuters flagged a likely $3.3 billion
price tag.  urn:newsml:reuters.com:*:nL8N1TM1EJ 
    Messer and CVC confirmed the deal in a separate statement,
saying their joint venture would be dubbed MG Industries.
    Messer would transfer its western European operations -
accounting for 334 million euros ($391 million) of 1.23 billion
euros of Messer's group sales - into the new entity.
($1 = 0.8534 euros)

 (Additional reporting by Joern Poltz in Munich
Editing by Arno Schuetze/Keith Weir)
 ((ludwig.burger@thomsonreuters.com; +49 69 7565 1311; Reuters
Messaging: ludwig.burger.thomsonreuters.com@reuters.net))