German gas giant Linde to take over UK's BOC

6th March 2006, Comments 0 comments

6 March 2006, WIESBADEN - German industrial gases and forklift truck maker Linde AG formally launched Monday an 11.7 billion-euro (14 billion-dollar) bid to buy British rival BOC Group.

6 March 2006

WIESBADEN - German industrial gases and forklift truck maker Linde AG formally launched Monday an 11.7 billion-euro (14 billion-dollar) bid to buy British rival BOC Group.

If successful, the 1600 British pence per share bid would forge the world's leading industrial gases and forklift truck manufacturer.

"Linde and BOC are a perfect match," said Linde chief Wolfgang Reitzle.

"We will be able to offer our customers a significantly enlarged product range as well as comprehensive services, and we will be able to do so worldwide," he said.

Linde shares bounded ahead by more than six per cent to 4.02 euros in early trading Monday after it announced the bid.

The Wiesbaden-based group said planned to issue new shares and to sell off some activities to help finance the deal. BOC rejected a lower and earlier bid made by Linde in January.

The BOC board is expected to recommend to shareholders that they accept the bid, which still has to be considered by monopoly authorities.

"Linde is confident that any preconditions can be satisfied," the group said.

DPA

Subject: German news

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