Summary
Linde plc (LIN) has officially completed its business combination with Praxair, Inc., and Linde Aktiengesellschaft (Linde AG), as per the Business Combination Agreement. This significant event, effective October 31, 2018, marks the creation of a new Irish incorporated public limited company, Linde plc. Praxair shareholders received one Linde plc ordinary share for each Praxair share, while Linde AG shareholders who tendered shares received 1.540 Linde plc shares per Linde AG share. The new entity will trade on the New York Stock Exchange (NYSE) and Frankfurt Stock Exchange (FSE) under the ticker symbol "LIN".
Key Highlights
- 1Completion of the business combination between Linde AG and Praxair to form Linde plc.
- 2Linde plc is now the successor issuer to Praxair under the Exchange Act.
- 3New ticker symbol 'LIN' for Linde plc shares on both NYSE and FSE.
- 4Praxair's common stock has been delisted from the NYSE.
- 5Linde AG shares that were tendered in the exchange offer are suspended from trading on the FSE.
- 6A new twelve-member Board of Directors has been appointed, with a balanced representation from both Praxair and Linde AG.
- 7Key executive officers from Praxair and Linde AG have been appointed to lead the combined entity, including Stephen F. Angel as CEO.
- 8The company has assumed certain existing incentive plans and severance agreements from Praxair.
Frequently Asked Questions
This filing confirms the successful completion of the business combination between Linde AG and Praxair, resulting in the formation of Linde plc. It signifies the transition to a new corporate entity, the establishment of new trading arrangements (ticker symbol 'LIN' on NYSE and FSE), and the delisting of Praxair shares from the NYSE. For shareholders, this marks the culmination of the merger process and the beginning of operations under the new Linde plc structure.
Praxair shareholders received Linde plc shares in exchange for their Praxair shares, and Praxair's listing on the NYSE was suspended. Linde AG shareholders who validly tendered their shares received Linde plc shares, and the tendered Linde AG shares were suspended from trading on the FSE. Linde AG shares not tendered will continue trading on the FSE under a different symbol ('LNA') pending a further squeeze-out procedure.
The new Linde plc is led by Stephen F. Angel as Chief Executive Officer and Prof. Dr. Wolfgang Reitzle as Chairman of the Board. The Board of Directors comprises twelve members, with six designated by Praxair and six by Linde AG, ensuring balanced representation. Key executive roles have also been filled by individuals from both predecessor companies.
The filing notes that, under an agreement with the Federal Trade Commission, Linde AG and Praxair will not integrate their commercial operations until certain U.S.-based assets are divested. This indicates a phased approach to operational integration, with an initial focus on divestitures in the U.S.