BOC agrees Linde takeover
BOC agrees Linde takeover
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Monday, 06, Mar 2006 08:19
British industrial gases company BOC has agreed to a cash takeover bid from German conglomerate Linde.
Linde's cash offer of 1,600p per BOC share was recommended to its shareholders by the UK firm, which the deal values at 8.2 billion.
In a statement made today, Linde said: "Linde is confident that any pre-conditions can be satisfied," adding that it views the businesses as a "perfect match".
Linde will finance the deal through a share and debt issue, and is also considering strategic options for its Material Handling business arm.
BOC employs 30,000 people in 50 countries, with two million customers. German owner Linde employs 41,000 staff, 60 per cent of who work outside Germany.
Linde operates gas production facilities and manufactures forklift trucks, warehouse equipment and hydrogen production facilities.
The newly formed group will have combined gas and engineering sales of 11.9 billion, and expects to achieve synergies worth 250 million by 2009.