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Gas groups Linde, Praxair 'discuss potential merger'

AFP
A merger of industrial gas suppliers Linde and Praxair would create annual revenues of more than $30 billion

German industrial gas supplier Linde and its US competitor Praxair "are discussing a merger of equals", a source close to the matter told AFP on Tuesday, confirming a Wall Street Journal report.

A potential tie-up between the two companies would create a giant that would overtake French group Air Liquide as the world's number one supplier of industrial gases.

Air Liquide took the top spot from Linde by sealing a deal at the end of May for the acquisition of US firm Airgas, which should take its annual revenues to more than 20 billion euros ($22.4 billion).

But Linde and Praxair combined would have estimated annual revenues of more than $30 billion.

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The German firm employs 64,000 people worldwide, while its US competitor has 26,000 staff.

Linde, whose shares jumped seven percent in Frankfurt on reports of a possible merger, declined to comment on the talks.

A Praxair representative was not immediately available for comment. Shares in Praxair also rose significantly in online trading after Wall Street closed Monday.