Morningstar - LINDE AG (LINN*) Potential Megamerger in Industrial Gas: Linde and Praxair Confirm Talks Regarding a Combination

Report

Morningstar

David Silver

EUR 147.86 For Business Accounts Only

Potential Megamerger in Industrial Gas: Linde and Praxair Confirm Talks Regarding a Combination

Praxair and Linde both confirmed preliminary discussions regarding a combination of their companies, Linde shares are up roughly 11% today, while Praxair shares are roughly 3% higher. While we view a combination as technically achievable, it appears harder for us to imagine a deal structure that creates significant additional value for shareholders. Following todayâ€™s rise, narrow-moat-rated 3-star-rated Linde still trades at a slight 3% discount to our EUR 160 fair value while wide moat, 3-star-...

16/08/2016 14 EN

Underlying

LINDE AG

Linde is a gases and engineering company based in Germany. Co. operates through two divisions. The Gases division provides a range of compressed and liquefied gases as well as chemicals. Co.'s gases are used in the energy sector, in steel production, chemical processing, environmental protection, and welding, as well as in food processing, glass production and electronics. The Engineering division is engaged in industrial plants construction globally, focusing on market segments such as plants for the production of hydrogen and synthesis gas, air separation and olefins as well as plants for natural gas treatment.

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DE0006483001 Germany

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

David Silver

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Potential Megamerger in Industrial Gas: Linde and Praxair Confirm Talks Regarding a Combination

INFORME DIARIO 28 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACADAS Y PREVIEWS (ANÁLISIS BANCO SABADELL)

LINDE: RDOS. 3T'23 (ANÁLISIS BANCO SABADELL)

LINDE: RDOS. 2T’23 (ANÁLISIS BANCO SABADELL)

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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