A PYMNTS Company

Germany: Linde chairman says he could use casting vote for Praxair merger

 |  April 3, 2017

Tphe chairman of German industrial gases group Linde is prepared to use his casting vote to push through a $65 billion merger with US rival Praxair in the face of worker opposition, he told the Financial Times.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Linde’s labor representatives told Reuters last week they planned to vote against the deal, which they fear will entail significant job losses in Europe to achieve $1 billion in synergies, and a loss of influence over strategy.

    Labor controls half the seats on the supervisory board, which will have to approve the deal once the terms are finalised in the next month or so – but Chairman Wolfgang Reitzle can cast a double vote in the case of a deadlock.

    “Yes, I’m willing to do that,” he told the FT in a comment published on Monday.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.