Praxair and Linde Reach Agreement on Terms for Their Merger of Equals
On May 24, industrial gas majors Praxair and Linde came to an agreement in principle on terms for their planned merger of equals. Both stocks are trading 2%-3% higher on the news. We maintain our fair value estimate for Linde (EUR 160) and we are updating our fair value for Praxair to $123 from $118. We may further adjust our fair values in coming months, particularly after regulators determine the size and nature of any required divestments.The merger remains subject to a number of conditions,...
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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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.
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