Praxair, Inc., in accordance with its proposed business combination with Linde AG, has signed an agreement to sell the majority of its businesses in Europe to Japan’s Taiyo Nippon Sanso Corporation (TNSC).
The news comes after the EU reportedly provided both companies with a confidential statement of objections (SO) to their $70bn mega merger in recent weeks.
Praxair and Linde were understood to have offered concessions in a bid to address EU competition concerns and secure antitrust approval in the region, with the official announcement coming in the last hour that Praxair will divest the majority of its businesses in Europe as a result.
The assets to be sold include Praxair’s industrial gases businesses in Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden and the UK and include approximately 2,500 employees.
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