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CORRECTED-UPDATE 2-Linde considers fresh merger overture from Praxair
November 29, 2016 / 8:20 PM / a year ago

CORRECTED-UPDATE 2-Linde considers fresh merger overture from Praxair

(Corrects para 3 to show Praxair has approached Linde not vice versa)

* Linde and Praxair ended previous merger talks in September

* Parties were unable to agree on location of key functions

FRANKFURT, Nov 29 (Reuters) - German industrial gases group Linde has received a fresh approach from U.S. rival Praxair for a merger of equals and its executive board is reviewing the proposal.

The two parties abandoned talks in September to create a $60 billion-plus market leader after failing to agree on where important functions would be located and who would occupy key positions.

A brief statement from Linde on Tuesday did not specify whether new terms had been offered, while Praxair confirmed it approached Linde about resuming potential merger discussions.

Earlier, Dow Jones and Reuters had cited sources as saying Praxair had made fresh overtures to Linde.

Linde’s shares were up 3.7 percent in after-hours trading in Frankfurt. Praxair’s shares closed up 2.9 percent at $122.18 in New York.

Linde’s chief executive told Reuters last month that reviving merger talks was not on the cards and announced a further restructuring programme instead. (Reporting by Alexander Huebner and Arathy Nair, Additional reporting by Kanishka Singh; Editing by Harro ten Wolde, Ruth Pitchford and Maju Samuel)

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