MUNICH (dpa-AFX) - The Executive Board and the Supervisory Board of Linde AG published a joint reasoned statement regarding the exchange offer by Linde plc dated 15 August 2017.
The Executive Board and the majority in the Supervisory Board are of the opinion that the business combination is in the best interests of Linde AG, its shareholders and other stakeholders.
The entire Executive Board and the majority in the Supervisory Board recommend to the Linde shareholders to accept the exchange offer in order to participate in the new group which is combined under Linde plc.
The Executive Board and the majority in the Supervisory Board believe that the business combination provides significant advantages and opportunities to both companies and their employees.
The combined group is expected to have combined pro forma revenues of approximately EUR 27 billion, prior to adjustments, potential divestitures and regulatory limitations, based on Linde's and Praxair's published annual results for 2016, and a strong presence in all regions and end markets.
The combined group is expected to achieve annual synergies and cost savings (including savings from ongoing cost saving programmes, in particular from the Linde LIFT programme) of approximately EUR 1.1 billion, which are targeted to be achieved within three years following the completion of the business combination.
In addition, the Executive Board and the majority of the Supervisory Board expect the shares of the combined group to receive a better valuation on the capital markets than the shares of Linde AG, as the shares of Linde plc will be listed on both the New York Stock Exchange and Frankfurt Stock Exchange and Linde plc will seek inclusion in the S&P 500 and DAX 30.
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